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"DC Open Doors" pays your Down Payment for you on a home purchase in DC. The money does not have to be paid back. You must have:
  • Less than $125,580/year in income
  • Have fair to good credit (660+)
UrbanLand Company Agents have over $38 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
The Virginia Housing Development Authority (VHDA) pays your Down Payment when you meet certain criteria. The money does not have to be paid back. You must have:
  • Less than $97,520/year in income (1-2 person households)
  • Less than $113,840/year in income (3+ persons)
UrbanLand Company Agents have over $38 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
The Maryland Mortgage Program loans you up to $8,500 in Down Payment Assistance. There's additional incentives from specific Maryland employers + great student loan incentive programs.
  • Incomes lower than $88,400 for 1-2 person households are eligible
  • Incomes between $88,400 & $128,760 may be eligible, based on county
UrbanLand Company Agents have over $38 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
 

Buyer Assistance Programs

Interest Rate Movements – What’s Going On With Mortgage Rates?


Mortgage interest rates are showing week to week volatility and are on a rise through the rest of 2017. It’s not clear how much rates will rise but there are a variety of predictions from experts that are “in the know.” Here’s what has been going on with rates since we last discussed them.

  • Interest rates this week (4/3/2017) for 30 year mortgages are around 4.24%, depending on your bank
  • The Federal Reserve officially raised prime interest rates by 0.25% points at their March 15 meeting
  • The March 15 rise was a planned increase that was triggered by positive employment & inflation data
  • The next potential rate increases are June 14 and either on September 20 or December 13 (scheduled Federal Reserve meetings)

“The economics of interest rates can be complicated and tough to understand for typical consumers and home buyers, ” said DiRuggiero. “It’s important to be aware of interest rate fluctuations, but it’s more important to realize that you have no real control over interest rates as an end user borrower and are along for the ride. The only sure thing you can count on with interest rates is that they are what they are today. The future always holds uncertainty and volatility.”

Mortgage interest rates directly affect your purchasing power. Here’s a (not so) fun fact – every 1% increase in your interest rate move drops the amount you can finance on a home by about 13%. March’s move was a 1/4 of a percentage point, or 0.25%. If you’re a renter and stressing about starting to build equity, the time to start preparing to purchase is now. Getting yourself checked out for a mortgage is easy and simulations are available without checking your credit formally.

“Some of our savvier and more prepared first time buyers who were holding off started to pull the trigger and have been issuing offers and contracts through our agents since the rate move. There’s a strong desire to make moves while affordability is still maximized. It’s very easy to become savvy and prepared; our first time buyer workshops schedule is below.”

Want to buy a home or condo but you haven’t saved for a Down Payment? The DC Open Doors program and Maryland Mortgage Programs make it easy. “These programs either pay your down payment in full for you or they issue you an easily repayable additional down payment loan with great terms. DC Open Doors alone has issued over $200 million in DC home mortgages since 2013.”

 

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