Sponsoring Partnerships and Revitalizing Communites - SPARC
The SPARC program provides below market rate loans for first time homebuyers through special allocations made to local housing groups. SPARC funding is intended to assist these housing groups in addressing critical housing needs facing their communities. (Allocations are made annually on a competitive basis.) Interest rates are 1/2% below VHDA's published First-time Homebuyer Program rates. Special income limits and criteria determined by the housing organization may apply.
Features:
- Downpayment based on specific program selected
- Most First-time Homebuyer Programs are eligible (1st Choice program not eligible)
- Standard program qualifying applies
- Authorization for reservation must be obtained by the specific SPARC housing organization
Blue Ridge Housing Network, Inc. Allocation
Blue Ridge Housing Network, Inc. was awarded $2,000,000.00 on July 1, 2008 in SPARC allocation, funds are good through June 30, 2009. - $1,500,000.00 for 1/2% below the standard VHDA 1st time homebuyer rate.
- $ 500,000.00 for 1% below the standard VHDA 1st time homebuyer rate.
These mortgages funds are for first time homebuyers between 30%-80% of the Area Median Income.
To see today’s current rate go the www.vhda.com. Go to Rates. You may use the following products.
- Fixed Rate (conventional, FHA, VA & RHS)
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