I’m qualified to apply! What are the terms of the loan?

The loan is secured by a second lien on the home for a 5-year term at 0.00%. The maximum loan amount is $10,000. As long as you maintain employment with Loudoun County or Loudoun County Public Schools (LCPS), keep the home as your primary residence and do not sell your home for a period of 5 years, the entire loan balance will be forgiven.

Should you decide to sell the home prior to the 5-year residency requirement being met, the remaining unforgiven loan balance must be paid in full through the loan proceeds.

If you discontinue employment with Loudoun County or LCPS, the remaining unforgiven amount will be converted to a loan at an interest rate of 3%. Monthly payments will be required until the balance has been paid in full.

Show All Answers

1. Who is qualified to apply for the program?
2. I’m qualified to apply! What are the terms of the loan?
3. Is this actually a grant or a loan?
4. I am also participating in the Affordable Dwelling Unit (ADU) Purchase program. Can I use the PEG program in conjunction with my home purchase?
5. I need more than the maximum $10,000 to cover all of my closing costs and down payment. I think I qualify for the DPCC program as well. Can I use both programs?
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?