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Come Learn How to Get $40K For Your New Home

  • March 4th 2009

by Mark Wellborn

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Come Learn How to Get $40K For Your New Home: Figure 1

There is a meeting tonight at Housing Counseling Service, Inc., 2410 17th Street, NW, Suite 100 (see map here) from 6 to 8pm that will provide information about the Home Purchase Assistance Program (HPAP).

The program (HPAP) is a DC initiative that gives up to $40,000 in financial assistance to low to moderate income individuals to purchase single-family homes, condominiums and apartments. The dollar amount used to be $70,000, but effective January 16, that number was lowered to $40,000.

The money provided by HPAP can be used for a down payment and/or closing costs, and it comes in the form of a low-interest 5-year deferred loan.

Just so you know before coming to the meeting, you must meet the following criteria to be eligible for assistance:

  1. Be the head of the household and a first-time home buyer.
  2. Be a low-to-moderate income resident, based on Department of Housing and Community Development standards.
  3. Have had no ownership interest in residential real estate within the three years prior to the application.
  4. The purchased home must be the borrower’s primary residence and must be located within DC.
  5. Have a good credit rating.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/come_learn_how_to_get_40k_for_your_new_home/608.

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