Suze Orman, a financial advisor and motivational speaker has said – “Owning a home is a keystone of wealth… both financial affluence and emotional security.” And to a great extent that’s true! When you own a home you attain a peace of mind as well as become affluent financially. However, buying a home especially in places like DC is a bit tricky. Many people have been the victim of fraudulent!
Therefore, to eliminate such risks from the real estate world in DC several home buying assistance programs have been created. These programs are designed according to the affordability, income and several other factors. So are you planning to buy a home in DC then check out the following some of the home buyer programs in DC that might help you get your dream home at the best prices!
- DC Open Doors Program
The DC Open Doors program is valid for all buyers looking to buy a home in DC as long as they do not own a home currently. Also if you have an income less than $145,560 and seek assistance in down payment, then this is one of the most valuable home buyer assistance programs for you. Also, if you want to have a portion of your loan forgiven and can stay for five years then this program is right for you.
The DC Housing Finance Agency (DCHFA) program relies on the individual income of the borrower rather than the household income. You need to have a credit score of 640 or more along with a debt-to-income ratio at or below 45 percent to qualify for the program. You can get a maximum loan amount up to $484,350.
- Individual Development Account (IDA) Program
Do you fall within a lower income bracket? The Individual Development Account (IDA) program can be your best bet. Your savings account will be in escrow though! Then your account balance will be matched which will encourage you to save. You can also be provided with dollar-for-dollar matchesif you go to finances and budgeting classes before buying your home.
- Home Purchase Assistance Program(HPAP)
Home Purchase Assistance Program (HPAP) is one of the home buyer programs in DC administered by the D.C. Department of Housing and Community Development. Under this program financing assistance up to $80,000 and closing cost assistance of $4,000 can be provided to you. This program depends upon a number of factors including your income, household size, amount of your down payment and more.
If you are interested in learning more about the home buying assistance programs, then you can consult with your realtor in DC.
This article is written by Magnolia Realty, a premier realtor in DC and MD offering the largest home buyer rebate in Washington DC. To learn more about the various home buyer programs in DC you can consult with them.