Tag Archives: Financing

Down Payment Help for DC Gov Employees

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DC is a fantastic city to live in.  The DC Government encourages their employees to live in the District through a great incentive:  the Employer Assisted Housing Program (EAHP).

EAHP provides assistance to employees of the District of Columbia Government who are first-time homebuyers in the District. 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. The maximum allowable purchase price is $417,000. In addition, applicants who apply and qualify for the program receive additional income tax and property tax credits.  For more information about this program, go to the Greater Washington Urban League here. 

Savvy homebuyers can combine this program with DC Open Doors.

DC Open Doors

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dc open doors logoDC Open Doors – Your Key to the City

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The PRIMARY obstacle to first time homebuyers is the downpayment.  DC Open Doors seeks to make that a non-issue.

Every day you work hard to make a better life for yourself and your family. Homeownership is still one of the best ways to invest in your future and improve your quality of life.  Mortgage interest rates continue at historic lows and there is no better time to purchase a home in Washington, DC, one of the greatest American cities.

DC Open Doors makes homeownership in the Washington, DC affordable by offering qualified buyers home purchase loans and down payment assistance. Your biggest obstacle to a home purchase can be the required down payment so DC offers down payment assistance loans (DPAL) that bridge the financial gap. That is how DCHFA opens doors to homeownership in Washington, DC.

DC Open Doors is available to buyers with  incomes up to a maximum of $123,395.  There is a 3.5% loan for FHA and 3% HFA (Conventional).  On a home price of $400,000 this would amount to roughly $14,000 at 3.5%.  The beauty of this program is that the loan is forgiven at 20% per year. So, it’s 5 year forgivable.  The loan is forgiven and your equity increases!
I’ll be happy to provide more information to you about this program and put you in touch with approved lenders.