First-Time Washington DC Home Buyer programs can be confusing to some, but at Edelin Real Estate, we've taken the time to truly understand the intricacies of each to be able to better guide you through your home buying experience.
The DC Open Doors Program- If you earn less than $123,395 a year and need down payment assistance, this program can be very valuable. If you'd like to have a portion of your loan forgiven and can stay for 5 years, this program makes sense, too. In both scenarios, DC Open Doors can help you. Your credit score must be 640 or more and your debt-to-income ratio needs to be at or under 45 percent to qualify. If you do, you are eligible for a qualifying loan of 3.5 or 3 percent of the price of the home as a down payment. After that, 20 percent of that loan is forgiven for every year you stay in the home - sounds too good to be true - but, it is!
Individual Development Account (IDA) Program- Fall into a lower income bracket? An IDA program starts you with a savings account, in escrow. The amount in your account is then matched, encouraging you to save. You can even receive dollar-for-dollar matches if you attend classes on finances and budgeting before your home purchase.
Home Purchase Assistance Program (HPAP)- HPAP is dependent on a number of factors, from your income, and household size to the amount of your down payment. Qualifying first-time home buyers receive interest-free loans of up to $40,000 and closing costs of up to $4,000.
Employer Assisted Housing Program (EAHP)- First-time home buyers who work for the city of Washington DC, can have down payments matched by up to $1,500 on homes costing $430,000 or less. They also have the option of a deferred loan of up to $10,000. Qualifying DC city workers also get 5 years of income and property tax credits.
Lower-Income Home Ownership Tax Abatement- Looking for a home under $356,000? The Lower-Income Home Ownership Tax Abatement, could get you up to five years without paying property tax. Income requirements must be met to qualify, but it's worth looking into if your home is priced around $350,000.
Many other similar programs exist in the DC Metro area for new and seasoned home buyers looking to maximize their dollar. Please contact us for more information on how you can successfully purchase your next DC home.
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