Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 3 · column 1 of 6 · from the scan, no model involved
By Don Del Rosso
Rappahannock News Staff Writer
For the first time, a countysponsored pilot program would give local government workers priority access to low-interest loans to buy homes of their own in Fauquier.
Two months ago, the county learned that the Virginia Housing Department Authority would make available $1 million in loans to qualified candidates.
“This is a first step,” Fauquier County Board of Supervisors Vice Chairman Ray Graham (Cedar Run District) said of the program. “We need affordable housing on many levels. This is a chance for our folks, our county workers, teachers, to stay home.”
To apply for the program, candidates must live in Fauquier, be first-time home buyers and work for county government (including constitutional offices), the school system or the towns of Warrenton, Remington and The Plains.
Under the program, Fauquier would divide the $1 million fund among participating banks, at which potential homeowners would apply for the low-interest loans. The interest likely would be about a half-percentage point below the standard mortgage-loan rate at the time of approval.
The “typical home purchase” cost for a two-bedroom condominium would be about $215,250, according to the county. That total would include a mandated contribution by the homeowner of 1.5 percent of the purchase price, or about $3,000.
Thus, the $1 million in loans would allow the purchase of five homes. (VHDA limits the purchase price for first-time home buyers to $408,100.)
Additionally, Fauquier would provide the candidates up to $20,000 each in interestfree, 15-year forgivable loans to help cover down payments and closing costs. If an owner sells or refinances before the 15-year term ends, the remainder of the loan must be repaid to Fauquier on a pro-rated basis according to the time left on the loan.
A lottery would be used to pick candidates if more than five government workers qualify for the loans. Hooper said.
If fewer than five government employees qualify, then it would be opened to others who must be county residents for at
79.7%