FAQs • Who is qualified to apply for the program?

Who is qualified to apply for the program?

You are eligible to apply for the Down Payment/Closing Cost (DPCC) Assistance Program if you meet all of the following qualifiers:

You are a first-time homebuyer (or you have not had ownership interest in any residential property within the last 3 years within or outside the United States. This includes undeveloped land and inherited real estate, whether or not you actually occupied the property as your primary residence).
You have a Gross Annual Household Income between $45,650 - $106,500.
You have a middle credit score of at least 620.
You have demonstrated a need for funding. (In other words, you don’t have quite enough savings and liquid assets to cover the down payment and closing costs without financial assistance).
You have lived or worked in Loudoun County for at least the last 6 months (exceptions for military returning from active duty assignments).
You are able to contribute at least $1,000 of your own money towards down payment/closing costs.
You have a contract to purchase a home within 45 to 60 days.

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Health & Human Services - DPCC Homebuyers Eligibility

You are eligible to apply for the Down Payment/Closing Cost (DPCC) Assistance Program if you meet all of the following qualifiers:

You are a first-time homebuyer (or you have not had ownership interest in any residential property within the last 3 years within or outside the United States. This includes undeveloped land and inherited real estate, whether or not you actually occupied the property as your primary residence).
You have a Gross Annual Household Income between $45,650 - $106,500.
You have a middle credit score of at least 620.
You have demonstrated a need for funding. (In other words, you don’t have quite enough savings and liquid assets to cover the down payment and closing costs without financial assistance).
You have lived or worked in Loudoun County for at least the last 6 months (exceptions for military returning from active duty assignments).
You are able to contribute at least $1,000 of your own money towards down payment/closing costs.
You have a contract to purchase a home within 45 to 60 days.

2. I’m qualified to apply! What are the loan terms?: The loan is secured by a 2nd lien on your home for a 30-year term at 5.00%. The maximum loan amount is $25,000 (or 10% of the purchase price – whichever is less). You will make monthly payments beginning about 30-45 days after your settlement. There is no prepayment penalty if you decide to pay your loan off early.

3. I am also participating in the Affordable Dwelling Unit (ADU) Purchase program. Can I use the DPCC program in conjunction with my home purchase?: Yes - many ADU buyers take advantage of one of the county’s housing finance programs.

4. I need more the maximum loan amount to cover all of my closing costs and down payment. I qualify for the PEG grant as well. Can I use both programs?: No - even if borrowers are eligible for both programs, only one may be used.

5. I don’t need as much DPCC as I was approved for, can I use the rest for other things?: No, you cannot. DPCC funds can only be used towards down payment and / or closing costs. Borrowers are not permitted to receive cash back at settlement. In this case, the DPCC loan amount would be reduced and the County of Loudoun would be reimbursed by the title company post settlement.

6. The checklist says that everyone over the age of 18 must submit proof of income. My spouse/child is not currently employed. What documentation will you need from them?: Occupants over 18 who do not receive income must submit a notarized statement certifying that they do not receive income from employment or any other source. You may request a Zero Income Certification form from the county if you prefer.

Full-time students may submit proof of enrollment such as a class schedule to fulfill this requirement.