Down Payment Assistance Loan This DC down payment program offers a forgivable, subordinate loan at 0 percent worth 3 percent of the purchase price for conventional loans and 3.5 percent for FHA loans. Income limits apply.
HFA Preferred with DPAL Program This DC down payment program is a conventional loan offered through D.C.s network of lenders that offers DC down payment assistance in the form of a 3 percent forgivable subordinate loan at a 0 percent interest rate. Participants must have an income of no more than $123,395, a minimum credit score of 680, a maximum debt to income ratio of 45 percent and a 97 percent loan to value ratio.
FHA Plus Program This DC down payment program offered through D.C.s network of lenders, offers DC down payment assistance in the form of a 3.5 percent forgivable subordinate loan at 0 percent. Participants must have an income of no more than $123,395, a minimum credit score of 640, a maximum debt to income ratio of 45 percent and a 96.5 percent loan to value ratio.
Employer Assisted Housing Program This DC down payment program offers help to employees of the District of Columbia government who are buying a home in the district for the first time. Qualified DC borrowers can receive matching DC down payment funds of up to $1,500 and a deferred loan of up to $10,000. The money can be used to purchase a single family home, condominium or cooperative unit in the District of Columbia. Additional tax incentives may be available, such as a $2,000 annual tax credit for the first five years of ownership and a real property tax credit that is 80 percent the first year, 60 percent the second year, 40 percent the third year, and 20 percent for both the fourth and fifth years. DC borrowers must live in the property as their primary residence, and applicants must remain employed by the District of Columbia government. The maximum home purchase price is $625,000.
Home buyers in Washington D.C. get $11,500 down payment assistance through the District of Columbia Greater Washington Urban League Housing Program.
PHONE: (202) 265-8200
The DC Housing Authority offers down payment assistance programs to local residents. To see what kind of Washington D.C. down payment programs are offered by DC Housing Authority, visit their website: www.dchousing.org.
Home buyers in Washington D.C. get $100,000 down payment assistance through the District of Columbia Housing Authority Scattered Site Program.
PHONE: (202) 535-2572
There are a number of Washington D.C. down payment assistance programs selected by the state through a competitive application process. This is done by the state commission in charge of homes and financing. Through these programs citizens can access funds and get on the fast track of being a homeowner. Most of these providers that have qualified usually interact with the state to provide non-profit housing.
The Home Advantage Down Payment Assistance is able to provide financing of up to four percent of the loan amount. Within this overall program there exists Home Advantage Built New which offers ten thousand dollars to buyers of homes that are new and have never been previously occupied.
HomeChoice mainly caters towards people with disability. It can provide up to fifteen thousand dollars for home-buyers. The only condition is that the buyer has to be either disabled or have another occupant in the household with a disability.
House Key is a down payment program that has various agencies under it that cater to various demographics within the population. It caters for buyers who work in learning institutions such as community and technical colleges referred to as House Key Schools. It also has a program catering to former soldiers of the country who have served. Both programs offer up to ten thousand dollars.
Thanks to such Washington D.C. down payment assistance programs it is now possible to own a home even when one does not have the funds required to begin the purchase process. The level of funding received is dependent on the needs of each individual and it is a requirement that one undergoes a counseling course to educate them on the programs. Should the state of the property change,for example, if the home-buyer decides to sell the house or refinance it then the terms of the Washington D.C. down payment assistance programs will change and in most cases the individual will be required to pay the amount loaned in a much shorter period of time.
Below is a list of Washington D.C. Down Payment Assistance Programs: