Come Learn How to Get $40K For Your New Home
There is a meeting tonight at Housing Counseling Service, Inc., 2410 17th Street, NW, Suite 100 (see map here) from 6 to 8pm that will provide information about the Home Purchase Assistance Program (HPAP).
The program (HPAP) is a DC initiative that gives up to $40,000 in financial assistance to low to moderate income individuals to purchase single-family homes, condominiums and apartments. The dollar amount used to be $70,000, but effective January 16, that number was lowered to $40,000.
The money provided by HPAP can be used for a down payment and/or closing costs, and it comes in the form of a low-interest 5-year deferred loan.
Just so you know before coming to the meeting, you must meet the following criteria to be eligible for assistance:
- Be the head of the household and a first-time home buyer.
- Be a low-to-moderate income resident, based on Department of Housing and Community Development standards.
- Have had no ownership interest in residential real estate within the three years prior to the application.
- The purchased home must be the borrower’s primary residence and must be located within DC.
- Have a good credit rating.
This article originally published at https://dc.urbanturf.com/articles/blog/come_learn_how_to_get_40k_for_your_new_home/608.
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