If you are a DC resident and fit certain income restrictions, you may qualify for an interest-free loan to purchase a home in the District. Home Purchase Assistance Program (HPAP) provides gap financing assistance of up to $50,000 and up to $4,000 toward closing costs. Payments are deferred for the first 5 years, lowering the monthly out-of-pocket amount for buyers while settling into their new home. This is a great program, but there are a fair number of restrictions to qualify.
- Low to moderate income (moderate is currently capped at $84,100 or $96,900 depending on household size)
- No ownership interest in a residential real estate property for the previous 3 years
- Good credit
- First trust loan amount capped at $417,000- conforming loan maximum
We are happy to walk you through this or other options available to first time homebuyers in the District, Virginia, and Maryland.