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.

Show All Answers

1. Who is qualified to apply for the program?
2. I’m qualified to apply! What are the loan terms?
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?
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?
5. I don’t need as much DPCC as I was approved for, can I use the rest for other things?
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?