There are a surprising number of area home purchase assistance programs that are available for those with a higher income. Many area programs were revised in the last several years to adjust for the DC area’s intrinsically higher household incomes.
Current home buying programs are designed to help you buy your first condominium or home in downtown Washington, D.C. or Maryland UrbanLand Company regularly helps our home buying clients qualify and these programs, many of which provide financial assistance, and sometimes even free money, for you to use in buying a home.
- The DCHFA “DC Open Doors” Program pays your Downpayment with an additional, forgivable 5 Year Down Payment loan. The loan DOES NOT have to be paid back. Your credit score must be Fair to Good and your household income must be lower than $125,580 per year to qualify for this program! We have assisted multiple home buyers with successfully using this great program in DC!
- ‘DC Open Doors’ funds are not just restricted to first time home buyers. You can be a current homeowner and still use the DC Open Doors $0 Down program on your next home purchase. You must have sold & settled on your current home prior to settling on your $0 Down DC Open Doors home. You can start the search process and compete for homes in the market prior to selling.
- The DC Bond Program, with fixed rate, 30 year mortgages at 4.5% as well as up to $10,000 in downpayment or closing costs assistance (when available). This program has been discontinued and replaced with the DCHFA “DC Open Doors” Program as of 5/2013.
Prince George’s County, Maryland offers similar programs under direction of the overall Maryland Mortgage Program (MMP). There have been several programs available from 2014 – present.
- The Maryland Mortgage Program (MMP) offers several types of assistance in Prince Georges County and other Counties in Maryland. Incentives are a combination of deferred Down Payment Loans, lower loan fees and lower mortgage interest rates. Income limits and the amount you can spend on a home vary by County and by Census District inside Counties. Get help with the Maryland Mortgage Program here.