Home News First-time homebuyers can get up to $200k for a down payment in D.C.

First-time homebuyers can get up to $200k for a down payment in D.C.

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The District of Columbia has joined several states in announcing additional financial assistance to low-income homebuyers as home ownership costs soar.

Washington DC Mayor Muriel E. Bowser announced on monday The district has more than doubled the down payment assistance subsidy from $80,000 to $202,000 for eligible residents.

as part of the district Home purchase assistance program (HPAP), applicants can receive funds as interest-free loans based on household income, size, and availability of funds. Additionally, homebuyers are eligible for her $4,000 closing cost assistance.

Rising home prices and mortgage costs in the United States are making home ownership increasingly out of reach for many buyers. The typical monthly bill cost for a single-family home with a 20% down payment is up 50% from last year. According to the National Association of Realtors.

To fill that gap, several states have also announced additional funding for down payment assistance programs.

  • Earlier this month, Maryland Governor Larry Hogan announced a unique “smart buyProgram for low- and middle-income individuals with student loans. Pay off 15% of the home purchase price or his $50,000 in student loans, whichever is lower. To cover down payment and closing costs, the SmartBuy program offers interest-free loan options worth up to 6% of the cost of a mortgage.
  • In June, Connecticut Governor Ned Lamont announced a homebuyer assistance program time to own, offering 10-year interest-free loans worth up to $50,000 in select locations. Eligibility is based on income and ability to repay the mortgage. Must have been a resident of Connecticut for the past three years.
  • In June, Florida statehometown heroThe program provides interest-free loans worth up to $25,000 to frontline community workers in more than 100 eligible occupations, including childcare workers, law enforcement officers, educators, medical professionals, active duty and veterans. Eligibility is based on income. other factors.

Most states have similar down payment assistance programs for low to moderate income earners. Real estate site The Mortgage Reports provides a breakdown of these programs. Listed by state.

For all other forms of homeowner financial assistance, the US Department of Housing and Urban Development (HUD) has a list of resources and programs. Listed by stateSelect “Learn About Homeownership” on each state’s page for more information.

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