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Low-interest home loans available

PULASKI — Qualified citizens interested in buying a home in the Town of Pulaski while prices are down might want to consider applying for a low-interest SPARC loan.
Barbie Tate, community relations director for the town, said Pulaski has once again been approved for $1 million in SPARC (Sponsoring Partnerships and Revitalizing Communities) funds.
This is the seventh year Virginia Housing Development Authority (VHDA) has offered the program and the fifth year funds have been reserved for the town.
SPARC is a program that provides money to applying communities and organizations to promote affordable home ownership. Homebuyers who qualify for a SPARC loan receive a one percent reduction in the standard VHDA interest rate for first-time homebuyers.
The rate currently stands around 6.25 percent.
Tate said eight SPARC loans were awarded in the town last year.
New income requirements dictate a family of two or fewer must have a maximum annual income of $63,000, and a family of three or more, a maximum of $73,000.
The property to be purchased cannot exceed $225,100 in cost.
Anyone interested in obtaining a SPARC loan should call one of the local VDHA-certified lenders: Bank of America, First National Bank and National City Mortgage or Southern Trust Mortgage.

Low-interest home loans available

PULASKI — Qualified citizens interested in buying a home in the Town of Pulaski while prices are down might want to consider applying for a low-interest SPARC loan.
Barbie Tate, community relations director for the town, said Pulaski has once again been approved for $1 million in SPARC (Sponsoring Partnerships and Revitalizing Communities) funds.
This is the seventh year Virginia Housing Development Authority (VHDA) has offered the program and the fifth year funds have been reserved for the town.
SPARC is a program that provides money to applying communities and organizations to promote affordable home ownership. Homebuyers who qualify for a SPARC loan receive a one percent reduction in the standard VHDA interest rate for first-time homebuyers.
The rate currently stands around 6.25 percent.
Tate said eight SPARC loans were awarded in the town last year.
New income requirements dictate a family of two or fewer must have a maximum annual income of $63,000, and a family of three or more, a maximum of $73,000.
The property to be purchased cannot exceed $225,100 in cost.
Anyone interested in obtaining a SPARC loan should call one of the local VDHA-certified lenders: Bank of America, First National Bank and National City Mortgage or Southern Trust Mortgage.