DC First Time Home Buyer Program to Raise Loan Limit to $202k

By
Title Insurance with Federal Title & Escrow Company

A DC first time home buyer who qualifies for DC’s Home Purchase Assistance Program could receive as much as $202,000 for down payment assistance and gap financing beginning October 1, 2022.

This is incredible news for DC first time home buyers, as it represents an increase of more than 2.5 times the current maximum amount, which is $80,000. Money from HPAP is issued as a low interest loan that can be deferred for up to the first 5 years.

A DC first time home buyer who’s trying to purchase in today’s market is having to overcome a median sales price of about $562,766, according to Urban Turf, which is up year over year despite a supposed slowdown due to rising interest rates.

HPAP funds can be used for down payment assistance and/or gap financing, plus qualified HPAP applicants can receive up to $4,000 in additional closing cost subsidies.

The 202 figure is in fact a nod to DC’s area code, according to the Washington Post. DC first time home buyer assistance from HPAP is provided on a sliding scale depending on income level and the size of the household (assuming other eligibility requirements are satisfied) with HPAP loans ranging from $70,000 all the way to $202,000.

What are the eligibility requirements for HPAP?

Read more about the changes to DC's HPAP program and get the scoop on other DC First Time Home Buyer programs on the Federal Title blog.  

Comments (1)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

 

Hi,

 

Enjoyed your blog page, and I added you as a friend. I would love the follow back. Thanks Bill

 

Aug 25, 2022 02:25 PM