First Time Homebuyer & Down Payment Grants

The United Security Financial Corp. Down Payment Grant

The first down payment grant I suggest is the down payment grant secured by The United Security Financial Corp. For almost all the choices available (Freedom Choice, Freedom Plus, or Freedom Advantage) the grant would cover 3% (no repayable necessary) down payment funds towards a purchase with a 5% down payment on a 30 year Conventional Loan. The remaining 2% would be out-of-pocket and count as your EMD (Enerest Money Down) when putting an offer on the property.

For more information reach out to JosephA@EduVestor.org

Take a look at what is currently on the market HERE; there is more everyday!

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First Time DC Homebuyer (EAHP) & Home Purchase Assistance Program (HPAP) for DC Teachers and First Responders.

The second down payment grant I suggest is the Employer-Assisted Housing Program (EAHP) which is up to a $5,000.00 matching grant (no repayable necessary) down payment funds towards a purchase with a 5% down payment on a 30 year Conventional Loan.

For example: If the property you're looking to buy is $450,000 the down payment at 5% Conventional Loan (with an assumed 5% interest rate) would be ~$25,000.00. With the EAHP Grant $5,000.00 of that would be covered. That would leave the out-of-pocket to be $20,000.00.

If that is too high of an out-of-pocket cost; there is even more help! As long as your purchase is under $765,500 there is up to a $20,000 zero interest loan to help with the down payment.

"The down payment assistance is a loan for purchase of a principal residence in the District. The borrowers sign a promissory note secured with a subordinate deed of trust recorded against the property. The loan has zero interest, and no payments are required until the property is: (1) is sold or transferred; (2) no longer occupied as principal residence; or (3) refinanced with cash out."

If securing a loan is an issue there is another program to assist! The Home Purchase Assistance Program (HPAP) is for "eligible applicants can receive a maximum of $80,000 in gap financing assistance and an additional $4,000 in closing cost assistance. The HPAP loan for borrowers with incomes below 80 percent of the area median income (AMI) is deferred until the property is sold, refinanced to take out equity, or is no longer their primary residence. Moderate-income borrowers who earn between 80 percent and 110 percent AMI will have payments deferred for five years with a 40 year principal-only repayment period."

For more information reach out to JosephA@EduVestor.org

-Joe with the EduVestor LLC Realty Team