New loan program available in the District of Columbia to help buyers with a 3% loan for the down payment:
This new program is named DC4ME PLUS which will be available for certain DC employees. The eligibility requirements for this new program are as follows:
- DC4ME PLUS is a first-time homebuyer mortgage program offered to current full-time district government employees. This include employees of District government-based instrumentalities, independent agencies, District of Columbia Public Charter Schools and organizations. The applicant/borrower’s employer must fall under the oversight of the Council of the District of Columbia;
- Applicant must be a 1st time homebuyer;
- Maximum household income may not exceed 120% of Adjusted Modified Income (AMI);
- The first trust will be a 30 year fixed rate Conventional Freddie Mac HFA Advantage loan and must follow US Bank HFA Advantage guidelines;
- Maximum 50% DTI; maximum loan amount of $484,350; maximum sales price of $525,000;
- At least 1 borrower must have completed a home buyer education class within 1 year of settlement; and
- Eligible borrowers may borrow up to 3% of the purchase price. The DPAL is a repayable non-amortizing 0% interest, deferred 2nd lien (30-year term or upon sale of property).
Call today for more informaiton! We will refer you to one of our Senior loan officer who specializes in government programs….. We look forward to helping you with this investment!