Loudoun and Fairfax County Buyer Programs

Special Deals For Uncle Sam’s Loudoun Children

May 29th, 2008 categories: Buyers, Real Estate News

Loudoun’s County Chairman Scott York is planning to bring before the board of supervisors an item that would gauge the interest of a program that would allow county employees, including firefighters, teachers and deputies, to get a low interest loan for housing according to the Ashburn Today newspaper. The details of a program are still being worked out.

I love my job but there are some days when being a county employee sure are tempting. If anything, I know the pain of paying for my own individual insurance. Being apart of the governments benefits sure are appealing compared to what I pay.

Fairfax and Prince William Counties are also working on plans to assist their employees and residents. From my understanding they are seeking to figure out ways to assist with their own in purchasing foreclosed homes. The money for Loudoun would come from a Housing Trust Fund. Many area developers pay in to this fund when they do not provide affordable dwelling units when building. By the way, that does not mean cheap units, it means units for people with special financial housing needs.

A couple ideas being considered from my understanding, are forgivable loan programs after someone resides in a home for a certain amount of time, similar to a program Arlington County already has in place. Another idea is to consider lower interest rates to County employees.

I have worked with many clients to find some great county programs available for low income situations and first time buyer programs. Fairfax use to have a program called HELP that was fantastic but didn’t last for long because the money ran out. They may re-instate that. It also had a forgivable loan offered. Other great programs available are VHDA, and ACORN. It is always a great idea to do a little research on special programs available from your local area when buying. Many lenders will not mention them unless you ask. Remember: you have not because you ask not.

If you are interested in finding out about great programs that your local government is offering the best place to begin is your local county website. I would also be happy to assist you.