When the housing sector is unstable and the economy is depressed, buying a home for the first time may be postponed. The purpose of the Finance Agency Mortgage and Housing of Washington DC is to provide homebuyer programs for the first time its residents. There are several programs offered on the basis of income and location of the property.
Program Urban Area First Time
This program offers buyers fixed rate loans that are below market. Access to credit a down payment of 3 percent of owns assets of the borrower are required. Some costs of credit may be granted by family members, agencies or nonprofit organizations. The relationship between income and debt of a buyer can be up to 33 percent, while a total monthly debt load is accepted up to a value of 38 percent. New or existing buildings into condominiums and two to four units and with at least five years townhouses are included in the program. The loan is granted only to homes that are in urban areas.
Maximum Housing Program
Maximum Housing Program grants to first time buyers improvement loans exceeding US $ 15,000 as part of its first mortgage housing. Also, the loan rate set is intended for those who buy a house that requires immediate repair in an urban area. Among the improvements painting, roof replacement, remodeling the kitchen and bathroom, installation and adjustment of the heating and air conditioning, remodeling electrical and plumbing systems and expanding rooms are included. Among these are also improvements in solar energy systems and energy conservation as well as others which will include wheelchair accessibility.
Grant Program Washington DC
Through the Department of Community Affairs Washington DC, this city offers a grant program for home buyers first, called Individual Development (IDA) Account. The IDA is a program that provides subsidized savings rate bonus of $ 2 for every $ 1 deposited in an IDA. Households Applicants must be owners and households are made up of one or two families to Washington DC. Applicants who apply must be employees working at least 20 hours a week and must have an average household income of less than 120 percent of area median income. Households that are in bankruptcy may not qualify for the program.