Lender Information

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 will be committed only upon receipt of a ratified sales contract and all other required documentation. 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 (Please note that the Program is currently closed at this time)

SPARC is a low interest mortgage program available to first-time homebuyers using a Virginia Housing Development Authority (VHDA) loan product for their first trust mortgage. The VHDA has provided the Fairfax County Department of Housing and Community Development (DHCD) $12.5 million of funding to be used to help eligible first-time homebuyers purchase homes in Fairfax County. Half of these funds, 6.25 million, is available for loans at one half percent (.50%) below the current VHDA rate. The remaining 6.25 million is available at the prevailing FHA Plus rate for the VHDA. FHA Plus is a VHDA-financed, FHA-insured home loan program designed to assist qualified borrowers who need down payment and closing costs assistance.


Reservation Eligibility

SPARC funds are available to buyers and home purchases that meet the following eligibility requirements:

  • 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 (SPARC requires classroom training).
  • 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.
  • The home purchased must be purchased as a primary residence (no secondary or investment purchases).
  • The buyer(s) gross annual household income must not exceed:
    • $86,900 for households of 1-2 person(s); OR
    • $100,000 for households of 3 or more persons

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 8 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: 703-246-5088
    Attn: Abdi Hamud

Reservations will be reviewed within two 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 along with must then be faxed to the VHDA to the attention of Sandy Redd at 804-783-6728. After forwarding a reservations to the VHDA, please contact Sandy Redd at 1-877-428-9218 for the status of an individual reservation.

The SPARC sponsor must approve and execute each reservation form prior to the originating lender reserving funds.  The web based reservation system may not be utilized for this program; instead lenders should fax the attached reservation sheet to Sandy Redd at 804-783-6728 to reserve funds.  Processing and underwriting of SPARC loans should be handled by the lender as with other VHDA loans.

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 reserving lender. If a lender has outstanding reserved funds, Fairfax County DHCD reserves the right to hold future reservations from that lender until outstanding funds are released.

SPARC Household Demographic info sheet (PDF)

Round 8 SPARC Reservation Form (PDF)

VHDA Current Rates

Fairfax County is committed to nondiscrimination on the basis of disability in all County programs, services and activities. Special accommodations will be provided upon request. Please allow seven working days for preparation of materials. For information call 703-246-5101 or 703-385-3578 (TTY).

Contact Fairfax County: Phone, Email or Twitter | Main Address: 12000 Government Center Parkway, Fairfax, VA 22035
Technical Questions: Web Administrator

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