DC open door: This program is designed to help homebuyers with down payment.
Instead of waiting years in order to save for a down payment, DC open doors make it easy by providing.
The down payment assistance provided can be anywhere from 3% to 3.5% of the home price. Even though some people call it free money, the homebuyer must live in the property for at least 5 years in order for the loan to be forgiven. The loan decrease by 20% each year.
The property must be purchased in DC, the homebuyer does not need to be a current DC resident prior to purchasing the house. A credit score in the mid 600 will help you qualify for it.
In order to use the program, you must use an approved lender. You must also use a Realtor to help you with the transaction as well. Income restrictions apply
Individual Development Account (IDA): An Individual Development Account, or IDA, is a special savings account for people with low incomes. Most organizations will limit applicants to individuals earning 200% or less of the Federal Poverty Income level. When you save in an IDA, your savings are matched. This means that for every dollar that you save you can receive another dollar or more. While most organizations will provide a one-to-one match, others might provide up to an eight-to-one match. The money can be used to purchase a home, for education or other qualified expenses
Home Purchase Assistance Program (HPAP): This program provide interest free loan and closing cost assistance. The loan amount is based on a combination of factors, including; income, household size, and the amount of assets that each applicant must commit towards a property’s purchase. The loan is subordinate to a private first trust mortgage. As of 2015, eligible applicants can receive a maximum of $50,000 in gap financing assistance and an additional $4,000 in closing costs assistance. The HPAP 0% interest loan is deferred for the first five-years, and amortized over 40 years. The maximum first trust loan amount cannot exceed $417,000, the conventional conforming loan limit. In order to qualify, you must be the head of household and first time homebuyer, you cannot have held any interest in any Real estate property 3 years prior to applying, you must have a good credit and use the property as your primary residence. Other restrictions apply
Employer Assisted Housing Program (EAHP): The Employer Assisted Housing Program (EAHP) provides assistance to employees of the District of Columbia Government who are purchasing a home in the District for the first time. The EAHP funded property must be owner occupied and the employee’s primary residence. Employees of District government agencies may be eligible for matching down payment funds up to $1,500 and a deferred loan of up to $10,000 to be used towards the purchase of a single family home, condominium or cooperative unit located in the District of Columbia. The maximum allowable purchase price is $625,500. To qualify, you need to be a first time homebuyer, have a good credit, the property must be purchased in DC and used as primary residence. Other restrictions may apply.
Inclusionary Zoning Affordable Housing Program: This program is designed to help homebuyers afford properties in DC. Properties are sold at discount compared to the actual market price. The IZ units are sold or rented through a lottery process. Households interested in purchasing or leasing an IZ home must take two steps in order to receive notifications about IZ Unit availability and be eligible for the lottery process: (1) take the Inclusionary Zoning Orientation class with one of our partner community-based organizations; and (2) register for the program
Other restrictions and requirements might apply. Contact me for more info.