First Time Buyers
This program is designed to help low and moderate income, first time homebuyers purchase a new or existing home by providing below-market rate mortgage loans. Funds are available on a first-come, first-served basis.
Who Qualifies?
Bond & SHIP Programs
Borrowers must be first-time homebuyers. You cannot have owned a home in the last three years. You must live in the home you buy as your principal residence, qualify for credit and meet the income limits.
What Homes Qualify?
Homes must be located in the City of Leesburg. The single family home can be attached or detached, a condo, manufactured housing (not mobile homes), PUD or qualified rehab. Required Documentation:
- Valid Sales Contract for the property being purchased.
- Proof of income (recent pay stubs; for self employed most recent tax return)
- Application fee of up to $375
- Copies of Tax Returns from 1999 to present. RECAPTURE PROVISION If the property is sold within nine years of purchase, the homeowner makes a profit and/or has an increased income that exceeds 5% per year, the homeowner may be subject to the Recapture Provision. In no event will the Recapture amount exceed 6.25% of the original mortgage amount.
The Mortage
The 30-year, fixed rate loans can be FHA insured, VA-Guaranteed, USDA-RD Guaranteed, or Fannie Mae Conventional.Fannie Mae’s Community Home Buyer (CHBP) loans qualify. The credit and down payment requirements of the particular loan apply. The following are the interest rates and point options:
Bond Program Low Rate Option
| FHA/VA/RD:(Without Assistance) |
| Rate |
Origination |
Discount |
Assistance |
| 5.50% |
1.00% |
0.75% |
0.00% |
| FANNIE MAE |
| Rate |
Origination |
Discount |
Assistance |
| 5.50% |
1.00% |
1.25% |
0.00% |
Assisted Rate Loan Option
| FHA/VA/RD:(Without Assistance) |
| Rate |
Origination |
Discount |
Assistance |
| 6.25% |
1.00% |
0.75% |
4.00%* |
| FANNIE MAE |
| Rate |
Origination |
Discount |
Assistance |
| 6.25% |
1.00% |
1.25% |
4.00%* |
*Assistance is provided at closing toward down payment or closing costs. Funds are provided in cooperation with the Orange county Housing Finance Authority and the City of Leesburg.
Bond Program Income Limits
- 1-2 Persons --- $54,700
- 3 or More --- $62,905
Maximum Purchase Price
- New --- $158,820
- Existing --- $144,113
SHIP Program
Maximum Income Limits adjusted by family size*
* A first time home buyer course is a requirement for this option
- 1 Person --- $30,650
- 2 Persons --- $35,000
- 3 Persons --- $39,400
- 4 Persons --- $43,750
- 5 Persons --- $47,250
- 6 Persons --- $50,750
Purchase Price Limits for New and Existing Homes in the City of Leesburg.
- New --- $148,267
- Existing --- $114,969