Officials in the county of Prince William, have come up with a proposal to help county employees purchase foreclosed homes with low-interest loans.
Prince William will invest no more than $20 million dollars into 10-year CDs from financial institutions. The county will receive an interest rate of roughly 4%.
County employees who want to take advantage, will recieve a 5% rate on their morgage which is lower than what we are seeing now.
In a nutshell… Prince William County will get interest on their investment. The bank will make a profit, and of course, the county worker will receive a lower interest rate.
The county is NOT going to subsidize or guarentee these loans. Most importantly, the buyer will still have to qualify for a loan. Officials are letting all residence of Prince William know that the bank is still signing all loan documents NOT the county.
Other Important Aspects of this Program:
*The interest rate remains fixed as long as the county employee remains a county employee and keeps the home.
*ANY county employee is eligible to apply.
*This program is NOT supposed to cost the county any money.