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Lender Information

Fairfax County DHCD staff appreciates the work each lender does in helping us assist first time homebuyers realize the American Dream. This page summarizes the rules, procedures, and criteria for each of our financing programs. However, if you have specific questions not answered by this web page, please contact our office at 703-246-5087.

One characteristic shared by all of our financial programs is that availability of funds is limited. Once a funding pool is depleted the related program is effectively closed until replacement funds can be secured. Because of these funding limits, all funds are available on a first-come, first-serve basis. While we will make every attempt to accommodate you and your client, we cannot issue letters or other documentation that makes a guarantee of assistance. Funds committed only upon receipt of a ratified sales contract. If you have questions regarding the availability of funds for a specific program, please contact our staff at 703-246-5087.

In addition, please note that once SPARC funds are reserved, they are removed from Fairfax County DHCD’s pool of available funds. Unused funds can only be returned to the funding pool by the original reserving lender. Because these funds are limited, please be sure to cancel any reservations for loans which do not go to closing so the funds can be used to help other homebuyers.

• SPARC (Sponsoring Partnerships and Revitalizing Communities)
  NO SPARC FUNDS ARE AVAILABLE AT THIS TIME

• Home Stride - No Home Stride funds were allocated for FY 2009.

• Silver Lining Initiative (formerly Homebuyer Equity Loan Program (HELP))
  

• The buyer(s) must be using a VHDA loan product for their first trust mortgage.*
• The buyer(s) must live and/or work in Fairfax County
  (Fairfax and Falls Church cities excluded).
• The buyer(s) must not have owned their primary residence during the past three years.
• The buyer(s) must have a valid VHDA Homeownership Education certificate.
• The home purchased must be located within Fairfax County (Fairfax and Falls Church Cities excluded).
• The home purchased must have a sale price of $408,100 or less.
• The home purchased must be purchased as a primary residence (no secondary or investment purchases).
• The buyer(s) must have a gross annual household income of:
  • $86,900 or less for households of 1-2 person(s); OR
  • $100,000 or less for households of 3 or more persons

* Flex/Alt and 1st Choice Interest Only loan programs are not eligible for use with SPARC funds.

Reserving Funds
All reservations are made by a lender. Funds are available for reservation on a first-come, first-serve basis. Funds cannot be reserved in anticipation of a home purchase; only for pending purchases initiated by a ratified sales contract. To reserve funds, a SPARC Round 7 Reservation form must be submitted with copies of the following documentation:

• Your Ratified Sales Contract
• Your loan application (called a Uniform Residential Loan Application)
• Your valid VHDA Homeownership Education certificate
• SPARC Household Demographic info sheet (see below to download)

Reservations and their supporting documentation must be faxed to:

• Fax: 703-246-5821
  Attn: Abdi Hamud

Reservations will be reviewed within two (2) business days of receipt. After a reservation is approved by Fairfax County DHCD, the approved reservation form will be returned to the reserving lender via fax. This approved reservation must then be faxed to the VHDA to the attention of Debra Bailey at 804-783-6728. After forwarding a reservations to the VHDA, please contact Debra Bailey at 1-877-428-9218 for the status of an individual reservation.

Please note, funds that are reserved but are not used prior to the end of the 60-day lock in period are removed from the pool of available funding. Reserved funds can only be released by the original reserving lender. If a reserving lender has outstanding reserved funds, Fairfax County DHCD reserves the right to hold the reservations such lenders until previously reserved funds are released.

• SPARC Household Demographic info sheet (PDF)
• Round 7 SPARC Reservation Form (PDF)
• VHDA Current Rates

Silver Lining Initiative (formerly Homebuyer Equity Loan Program (HELP))

    Silver Lining Initiative Loan Program Brochure