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Local Bank Offers $10,000 in Homebuying Help for Essential Workers

by Nena Perry-Brown

A local bank is now offering homebuyer's assistance geared toward essential workers

EagleBank is offering home purchase assistance for "COVID-related" essential workers, whether it is a first home purchase or not. While essential worker categories vary state to state, in DC, they include healthcare, transportation, construction, childcare, "food and household products and services", and other industries. The maximum assistance offered is $10,000. 

Yesterday, EagleBank also announced that its first-time homebuyers grant amount had increased from $5,000 to $7,500 to help with things like a down payment or closing costs.

For the first-time buyer and essential worker grants, the buyer's household income must be no more than 80% of area median income*, and the buyer must contribute at least $1,000 towards the purchase. The property must already be constructed and can have 1-4 units. To maintain eligibility, the buyer has to use the property as a primary residence for at least five years. The grant is forgiven by 20% each year they live in the property.

These grants are also available to government workers, teachers and school staff, police, firefighters, first responders, and active or retired veterans or their surviving spouses. In addition to essential workers, veterans are the only employment category eligible regardless of whether they are making their first home purchase. 

*In DC, the maximum income would be $70,550 for an individual or $100,800 for a family of four.

See other articles related to: pandemic, homebuying assistance, first-time buyers, eaglebank

This article originally published at http://dc.urbanturf.com/articles/blog/10000-in-homebuying-help-for-essential-workers/17806

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