From closing cost grants to super conforming mortgages, the District of Columbia Housing Finance Agency (DCHFA) launches three major incentives for homebuyers in Washington, D.C.
“Homeownership is the cornerstone of wealth accumulation,” Todd A. Lee, executive director of the DCHFA, said. “This month DCHFA is expanding the Agency’s homeownership resources and providing greater incentives for people to purchase a home in the District of Columbia.”
3 Incentives for D.C. Homebuyers
In line with the National Homeownership Month and its District-wide June Housing Bloom, the Agency is coming up with these incentives for D.C. homebuyers.
- Introduction of Closing Cost Grants Giveaway. The Agency is giving grants of up to $1,500 toward a borrower’s closing costs. To qualify, the borrower must have an income that is 80% or below the area median income. The purchase must also close between 1 June and 1 September this year. More importantly, the borrower must use any of the DC Open Doors HFA Preferred loan programs with or without down payment assistance. Click here to contact approved lenders of either program.
- Increased Borrower Income Requirement Under DC Open Doors. The Agency is further opening the doors of the DC Open Doors loan programs to more homebuyers by raising the maximum allowed borrower income to $132,360.
- Introduction of Super Conforming Loans. The Agency is offering Freddie Mac super conforming mortgages starting this June. A Freddie Mac super conforming loan has a higher loan limit of $636,150 permitted in high-cost areas like D.C. and a lower down payment requirement. The mortgage’s higher loan limit and lower financing costs help D.C. families earning moderate income – up to 120% AMI – own a home within the area.
The DCHFA is established to provide below-market-rate mortgages to homebuyers in Washington, D.C.
For more information about the DC Open Doors and all its other homebuying programs, attend the annual DC Open Doors House Crawl scheduled for 17th June (10AM to 2:00PM). The Agency will also be part of the Ninth Annual DC Housing Expo and Home Show set on 24th of June (10AM to 3PM).
Justin McHood is a managing partner at Suited Connector and has been recognized by national media outlets as a financial expert for more than a decade.