Down Payment Assistance Programs in Washington, DC
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The purpose of this blog post is to highlight some of the down payment assistance programs available in Washington, DC. When you're looking to buy a home in Washington, DC one of the first steps is to get your financing squared away. Below are some of the most popular options that Washingtonians explore when they would like to purchase, but don't have the ability to provide a down payment:
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DC Open Doors - The DC Open Doors program is one of the easiest to use on this list because, for all intents and purposes, it functions as and feels like a typical loan. The program provides a second loan that covers the down payment (3% - 3.5%), which is 100% forgiven after the buyer lives in the property for 5 years. Pretty great, right? In order to qualify for the program, an individual has to make under $131,050 and have a minimum credit score of 640;
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Home Purchase Assistance Program (HPAP) - HPAP is a very popular program in DC, but can be a little difficult to navigate on your own. It was created to give gap & down payment assistance to lower and moderate-income individuals and families (up to $54,000). To be approved for this program, you must attend some classes and meet with a housing counselor, which can be very helpful in its own right to better understand the process. Please see the chart below for income qualifications and assistance amounts;
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Employer Assisted Housing Program (EAHP) - This program was specifically created for DC government employees. Employees can get their down payment matched up to $1,500 and a deferred loan of up to $10,000. The maximum purchase price for this program is $625,500; and
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Neighborhood Assistance Corporation of America (NACA) - NACA is the least known option for down payment assistance in our area. NACA offers a product that not only covers your down payment but also targets to cover all closing costs, lender fees & a number of other items that come up through the transaction. Even with all of these fees covered, it offers some insanely good interest rates on the loan. While the end result sounds amazing, it is one of the tougher programs to use in both getting approved and getting an offer for a home accepted. At the end of the day, you'll be very happy with the outcome, but it's a tough and patient battle to get there.
If you are interested in buying a home in Washington, DC and want to see what's currently available the check out our website: www.jasonmartinhomes.com. If you would like further guidance on these programs then give John Coleman a call at (202) 427-9689. We are happy to answer any and all the questions you have.
HPAP Qualification Table
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