What are the terms of the loan?

The loan is secured by a second lien on the home for a 5-year term at 0.00%. The maximum loan amount is $10,000. As long as the borrower maintains employment with the county or Loudoun County Public Schools (LCPS), keep the home as their primary residence and do not sell their home for a period of 5 years, the entire loan balance will be forgiven.

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1. Who is qualified to apply for the program?
2. What are the terms of the loan?
3. Is this actually a grant or a loan?
4. My client’s debt-to-income ratios are higher than the listed maximums. Why are you looking at debt-to-income ratios if the funds are a grant and not a traditional loan?
5. My borrower is also participating in the Affordable Dwelling Unit (ADU) Purchase program. Can they use the PEG program in conjunction with their home purchase?
6. My borrower will need more the maximum $10,000 to cover all closing costs and down payment. They qualify for the DPCC program as well. Can they use both programs?