Recently, some clients asked me for information about Loudoun County home buying down payment and closing cost assistance programs, so I thought it would be useful to write a blog post on the subject.
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There are two programs in Loudoun that offer down payment/closing cost assistance. One is the Down Payment/Closing Cost Assistance Program (DPCC), which involves Loudoun County loaning a first-time homebuyer 10% of the cost of the home (or up to $25,000) towards their down payment or closing costs. The loan is offered at an interest rate of 5%, payable over 30 years. Applicants for this loan must fall in the income range of $32,800 through $76,450 (no matter the family size).
The other program is the Public Employee Homeownership Grant Program (PEG), which is for employees of Loudoun County. This is a grant of $10,000 that is forgiven at the rate of 20% per year, so as long as you don't move for 5 years, you won't have to pay anything back.
You can read more about these programs here: https://www.loudoun.gov/index.aspx?nid=1800
Are you thinking of buying a Loudoun County home in the next 6 to 12 months? Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com for a list of the top 10 homes you can buy for zero money down in the area of your choice!