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New Homebuying Program Announced for DC Government Employees
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DC is getting another tool in the homebuying assistance arsenal.
This morning, Mayor Muriel Bowser and EagleBank President and CEO Susan Riel announced a new program to make homebuying more affordable for DC government employees. The program, which can be layered with the Home Purchase Assistance Program and the city employee-specific Employer-Assisted Housing Program, would offer users a discount on mortgage interest rates, as well as potential credits toward closing costs.
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The mortgage loan program would apply to conventional loans, as well as home equity lines of credit, Federal Housing Administration loans, DC Open Doors loans, and 203k rehabilitation loans with a maximum value of 110 percent or $726,525 post-rehabilitation. Unlike typical homeownership assistance programs, DC government employees who are already homeowners would not be ineligible.
The program is expected to begin in the coming weeks.
Note: The article has been updated with information courtesy of the Office of the Deputy Mayor for Planning and Economic Development.
See other articles related to: dc homebuyers, eaglebank, ehap, home purchase assistance program, home purchase assistance program hpap, homebuying, homebuying assistance, hpap, mayor bowser, mortgages
This article originally published at https://dc.urbanturf.com/articles/blog/new-homebuying-assistance-program-announced-for-dc-government-employees/15510.
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