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Home Buyer Programs In Dc – A Great Relief For The First Time Home Buyers
It is a fact that living in Washington DC is an expensive affair. Therefore, most of the first time home buyers feel it out of their reach. However, the District of Columbia’s Housing Finance Agency, or DCHFA offers a number of first time home buyer programs in DCthat help the buyers in a great way. Also, the relaxed qualification requirements offered by some of the national home buyer programs in DC can be helpful for the first time buyers. As a first time buyer, one needs to explore the various options for buying a home in DC.
Most of the first time home buyers find it difficult to save enough funds for down payments specifically when they take a plunge into the housing market in Washington DC. Here, not just the costs of home are high but the rents are also quite high which makes it tough for people to save up enough money. So for all those first time home buyers looking to buy a home in Washington DC, below are a few essential tips. Do check it out!
As already mentioned a number of home buying programs in DC are there that are designed to help homebuyers. Whether the homes are funded by any nonprofit organization, state housing finance agencies, or financial institutions with specific first mortgage products, several programs are there which are not known to the prospective buyers.
Some want the home buyers to repay a portion of the help they receive during the purchase of the home while others don’t. Now let us find out which first time home buyer programs in DC might be right for you!
Home Purchase Assistance Program (HPAP)
Home Purchase Assistance Program (HPAP) is administered by the DC Department of Housing and Community Development. The program is designed for providing financing assistance up to $50,000 and closing cost assistance of $4,000 for the first time home buyers in DC. The funding can range from $10,000 to $80,000 based upon the household income of the prospective buyer. To ensure that the payments do not become a surplus burden on the borrowers, HPAP assistance offers 40 years loans with payments delayed for the first five years. And if you are an employee in the city then you can enjoy additional perks as well i.e. delayed loans for up to $10,000 and closing cost assistance up to $1,500.
DC Open Doors
DC Open Doors was launched in 2013. The program has till now provided $4 million in down payment assistance for more than 500 home buyers since its launch. The program is open to applicants who do not own a home, buying home in DC and who have an individual income less than $140,640. Also, those buyers who have a credit score of 680 or higher are required for loans with 5 percent down payment. If down payment is what you prefer then you can take advantage of the low-interest loans vetted by the DCHFA with lower mortgage insurance requisites.
If you wish to know more about the home buyer programs in DC in detail, then the best way out is getting in touch with a knowledgeable and reliable realtor in DC.
This article is written by Magnolia Realty, a leading realtor in DC and MD. They offer the largest home buyer rebate in Washington DC.
Magnolia Realty is a full-service real estate brokerage servicing Maryland and Washington DC. Our goal is to help home buyers and sellers achieve their real estate goals while keeping as much equity as possible. Our Home Buyer Rebate is the largest Realtor Rebate in both Maryland and Washington DC
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