No - buyers may not receive any cash out at closing. The approved loan amount will be reduced in order to avoid cash out.
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You may pay with a check, money order, or cashier’s check made payable to County of Loudoun. Just leave the check with the title company and they will be sure to send it to us with your closing package. Please note that this fee cannot be financed. Non-payment of this fee will cause your settlement to be delayed.
Provided all required documentation has been received from the applicant, lender and the title company, settlement can occur after about 15 business days. (A minimum of 10 business days is required in order to receive a check in time for settlement). This timeframe may be extended if we are waiting for documentation or information from your lender or the title company. Be sure to let us know if your settlement date changes so that we can be prepared in time.
No - costs related to country club memberships are not a permitted use of county funds and must be paid with borrower’s funds. Details of limits to common closing costs are in the Program Information document in the application packet. All fees are subject to Loan Committee final approval.
Refinances will be considered if there is no cash out in the transaction. All subordination requests are subject to Loan Committee approval. The county will not approve subordinations for Home Equity loans or a Home Equity Line of Credit (HELOC). In these cases (or in the case of default), the remaining balance must be paid in full.
Should you decide to sell your home prior to the 5-year residency requirement being met, the remaining unforgiven loan balance must be paid through the loan proceeds at your settlement.If you move out of the home or if you are no longer employed with the institution which qualified you for participation in the program, 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.