The Home Dream First Generation Sparc program is coming back this month.
- What is it? For eligible borrowers, they are able to get a 2% lower rate than the standard rate through the Virginia Housing Bond programs!
- Minimum Credit score required: All borrowers must have a 620 middle credit score
- Income requirements: Household income eligible (all non student adults over 18 yrs old). NOT Just who is on the loan.
- Income Limits: See chart attached. Only Bond programs qualify.
- Eligibility Requirements. All borrowers and/or borrower’s spouse must be first time buyers (can have never owned a home).
- All borrowers and spouse’s parents cannot have owned a home in the past 3 yrs.
- Lender Requirements: Must be an approved lender with VHDA. Must have access to Sparc fund local county administrations.
- Borrower Requirements: Must take orientation, VHDA home buyer class and counseling with SPARC administration.
- Location requirements: TBD, eligible counties are not named yet.
To see if you or your clients are eligible or qualified for this grant, please reach out ASAP.
www.MacChurchHomeLoans.com
mchurch@acmllc.com
