By contacting several of these mortgage lenders, individuals can compare mortgage quotes, interest rates, and various loan terms. In addition, individuals will be able to find a mortgage professional that understands their unique financial needs. For some, this may simply be obtaining the lowest monthly mortgage payment and interest rate. On the other hand, some individuals may be more concerned with long term fixed rates and financial stability.
District of Columbia's Special Mortgages and Home Loan Programs
Within the District of Columbia, the Housing and Community Development organization provides two distinct homeownership opportunities. The first is the Home Purchase Assistance Program designed to provide interest-free and low-interest loans to qualified residents. Depending on individual eligibility and financial need, residents are separated into a three tiered system determining how much down payment and closing costs assistance can be received.
The Employer Assisted Housing Program (EAHP) is available to employees of the District of Columbia government who are first time homebuyers within the District. In this program, eligible individuals may be able to receive matching down payments funds anywhere from $1,500 up to $10,000. The Office and Tax Revenue department also details a first time homebuyer individual income tax credit up to $5,000.
Additional Mortgage Information and Calculator Tools
Our site also provides a variety of helpful tools to help individuals find the best mortgages and lowest interest rates in the District of Columbia. First time homebuyers, for example, can take advantage of our amortization calculator and mortgage rate comparison calculator to help evaluate different mortgage quotes. Existing homeowners and residents can utilize our refinance calculators and affordability calculator to determine the costs of refinancing, evaluate potential savings, and find out how much equity they can afford to borrow.
In addition to these tools, below you will find a short list of links filled with information unique to residents of D.C. The information ranges from first time homebuyer programs, general property tax information, FHA loans, reverse mortgages, and even foreclosure avoidance tips.
- Residents in the District of Columbia can find helpful property tax information here on the Office of Tax and Revenue website.
- The U.S. Department of Housing and Urban Development provides a state specific resource page for District of Columbia on this webpage.
- HUD provides a list of Foreclosure Avoidance Counseling agencies located in the District of Columbia
- HUD provides a list of approved housing counseling agencies to help first time homebuyers and residents in the District of Columbia.
- District of Columbia housing and community development offers a helpful Home Purchase Assistance Program for homebuyers including downpayment assistance and low fixed rate mortgages.
- District of Columbia's Homebuyer Assistance program provides downpayment and closing costs assistance to qualified employees of the state government
- General Homeownership Opportunities provided by the Housing and Community Development in the District of Columbia.
- The Office of Tax and Revenue offers helpful tax credit information for first time homebuyers.
- The Mortgage Bankers Association of Metropolitan Washington is an organization dedicated to improving the banking industry, and also provides informative consumer events for mortgage related topics
- The Neighborhood Legal Services Program, a federally funded program in the District of Columbia since 1964, offers free foreclosure clinics to homeowners with mortgage troubles.
- For more general information about the District of Columbia, the latest U.S. Census bureau has a large amount of detailed data.
