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: