Virginia Housing SPARC Program
Funding status: Active
How much assistance
1 percentage point reduction on Virginia Housing first mortgage interest rate (Zero-Interest Loan)
Not applicable. This is an interest rate reduction on the first mortgage, not a separate loan.
Eligibility
- Income limits: Varies by county and household size. Generally higher limits than the standard DPA Grant.
- First-time buyer required: Yes — Must not have owned a home in the past 3 years.
- Credit score minimum: 620
- Geographic restrictions: Available in participating localities that have received SPARC funding allocations from Virginia Housing.
- Homebuyer education required: Yes
How to Apply for Virginia Housing SPARC Program
Step 1: Contact a Virginia Housing-approved lender in a participating locality. Must live and/or work in the qualifying county or city. Can be combined with the Virginia Housing DPA Grant or Closing Cost Assistance Grant.
Notes
SPARC stands for Sponsoring Partnerships and Revitalizing Communities. Funding allocations are made annually to participating localities. Not all areas receive SPARC funding each year. Check with your local government housing office for availability.