Want $80k Toward Your Down Payment!?!??!

If you are a first-time homebuyer looking to buy in DC then there is a program you should know about.

DC has several great housing programs that help new buyers purchase their first home. There are benefits for both low and moderate income buyers. And currently, those who qualify will have more financial assistance and a longer payback period then before.

• HPAP's maximum loan amount was $50,000 and is now $80,000. This assistance is available to anyone who makes up to 110% of the area median income(AMI).

• For borrowers making less than 80% of the AMI, payments on their loan are deferred until the sell their home, refinance, or no longer use it as their primary residence. For those with incomes between 80 to 110% of AMI, the loan payments are deferred for 5 years.

To Explain AMI

HPAP takes the area median income and multiplies it by 110%. See chart below. Your benefit will be at a sliding scale, if you are right at this at this level shown below for your household size, 110% AMI you will not get the full $80k but you will get a very nice amount toward your down payment, and obviously anything below these numbers will get even more!

Income Limits – 2017