SPARC Program

The SPARC Program provides low-interest mortgages to first-time Portsmouth homebuyers who earn less than 80% of the Area Median Income, adjusted family size.

The money for these loans comes from a $4 million grant that the Authority received through the Virginia Housing Development Authority. SPARC stands for Sponsoring Partnerships and Revitalizing Communities.

Eligibility

To be eligible for a SPARC home loan, you must meet these requirements:

Must be a first-time homebuyer
Must not have owned a home during the three year period prior to the purchase of another home
Must complete a required educational seminar and financial counseling class

Household income cannot exceed 80% of the area median income adjusted for family size, as shown below

Family Size	Income limit
1	$35,900
2	$41,050
3	$46,150
4	$51,300
5	$55,400

Property Requirements

To be eligible for a SPARC home loan, the property under consideration for purchase must meet these requirements:

Must meet Section 8 Housing Quality Standards and other local housing codes
Must be new construction or existing home (condo, townhouse)
Can be a single-family, detached or attached
Appraised value cannot exceed $150,000

Other Requirements

In order to receive a SPARC home loan, these additional requirements must also be satisfied:

A Deed of Trust must be signed for the grant amount
Property must become primary residence of homebuyer
Buyer contribution of 1% of sale price
Maximum loan amount of 95%
Underwriting and servicing will be through VHDA
Ratio 31/43 (Front In Non-housing debt to income 31%)
(Back In Mortgage plus non-housing debt to income 43%)

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Participating Lenders

This is a listing of the originating lenders participating in the SPARC Program:

JoAnn Brooks
BB&T
638-2392

Alecia Fisher
Bank of America
456-5800

Joanna Gwaltney
Towne Bank
391-3509