Connect with us

Hi, what are you looking for?

Loan And Finance

District of Columbia First-Time Homebuyer Programs

If you’re buying a house for the first time you may qualify for a first-time homebuyer program or grant. On this page, you will find the available first-time homebuyer programs in the District of Columbia.

Get Pre-Approved and Check Today’s Mortgage Rates

Statewide and Regional Program

National First-Time Homebuyer Loan Programs

  • FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

 

Get Pre-Approved for a Home Loan Today

Helpful Resources

 

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Latest

Loan And Finance

Why didn’t Spotify raise its $9.99 / €9.99 / £9.99-per-month Premium prices in more major markets before the average person faced an economic tornado...

Technology

What just happened? Did you know Thursday is Global Accessibility Awareness Day? Yeah, me neither. But apparently, this made-up provides companies the perfect opportunity...

Social Media

Okay *cracks knuckles* let’s see what the most popular links were on Facebook over the last quarter. Today, Meta has published its latest ‘Widely...

Technology

Source: Nintendo The sports party game you control with your actions, Nintendo Switch Sports, has made its way to the latest Nintendo console, much...

Top Stories

Without fail, crypto has a way of humbling even the most self-assured and this market is definitely not for the faint of heart. NFT...

Technology

Nvidia has released a software security update display driver for GeForce GPUs which are no longer supported by Game Ready Drivers or Nvidia Studio...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement