First Time Purchasing Washington, DC homes?Are you a first time home buyer thinking of purchasing
Washington, DC real estate? If so, the team members of themarylandrealestateexpert.com at Weightman realty in Rockville, Maryland can help you with all of your
Washington, DC real estate needs. This article contains pertinent information for first time purchasers of
Washington DC homes. Currently the Department of Housing and Community Development (DHCD) whose job is to produce and maintain affordable housing and economic development, has a home purchasing assistance program for certain
Washington DC homes. The Department of Housing and Community Development also works at revitalizing the underserved Washington DC Communities.
About the Department and Housing Community and what they work to do
- Finance the creation of Washington, DC homes that are affordable and produce homeownership opportunities at both project and household level
- Preserve the current affordable housing
- Increase the amount of financial opportunities for residents with low and moderate incomes
- Administer rental regulations which helps ensure fair and quality housing
What will the Home Purchase Assistance Program do?This program was put into effect to aid low and moderate income individuals in the purchase of their first home. The people who are able to qualify for this program will receive financial aid(assistance) for the down payment and closing costs to purchase single family houses, condominiums, or coops. The thing to note about these HPAP loans is that they are only given to a select few each year. The amount of these HPAP loans given out each year is determined by the amount that is given to this program each year. The way that the loan amount is determined for these HPAP loans is by a mixture of different variables. Before the HPAP loan amount is determined they look at the household’s income, size, and the amount of assets that an applicant has. Another restriction that these loans put on the applicants that qualify for them is that they must keep their property in compliance with the District of Columbia’s housing codes.
Now the Question you are probably asking yourself is are my eligible for these loans and where do I go to get one done?- The qualification for these loans
- You must legally reside in the boundaries of the District of Columbia for at least one year
- Head of household must be making very low to a moderate income
- You must have no ownership interest in any other property in the District
- Have a good credit score
- You must have personal funds equal to 3% of the purchase price of selected house or a minimum of $500 to purchase of certain houses
- Where you can find these loans
- Housing counseling Service, Inc.
- Latino Economic Development Corporation
- Marshall Heights Community Development Organization
- Lydia’s House
- University Legal Services
- Once you are approved for a HPAP program, Equity United will be able to find the best bank that woks with these programs. In addition, my relationship with Equity United has enabled me to qualify many first time buyers and anyone in the market with great rates and programs.
