Home Resource Center Frequently Asked Questions
Q: What is the first step I should take to buy a home?
A: You can begin by attending one of our free monthly Homebuyers' Seminars where industry professionals teach each step of the home buying process - from how to obtain an affordable mortgage to what happens at settlement. For information or to register for an upcoming seminar, call 202-777-HOME.
Q: How can I find out if I can afford to buy a home?
A: For a general estimate of what a monthly mortgage would be with one of our affordable mortgage loan products, go to our mortgage calculator now; or contact a Participating Lender who will advise you of how much you can afford based on your income and debt.
Q: Will I need a lot of money for a down payment?
A: Generally, a homebuyer is expected to contribute between 3.5% and 5% of the purchase price of the home. However, if you qualify and when funds are avaialble, you may receive down payment assistance through the DC Department of Housing and Community Development's Home Purchase Assistance Program (HPAP) or one of the DC Housing Finance Agency's assisted-rate loans. Inquire about these programs through your Participating Lender.
Q: How can I learn more about the Home Purchase Assistance Program (HPAP)?
A: You can call the DC Department of Housing and Community Development at (202) 442-7200, or visit their website.
Q: I don't have a lot of savings. Can I still buy a home?
A: Yes. Loan products exist with down payment requirements as low as $500.
Q: Can I get a loan if my credit is less than perfect or I don't have any credit?
A: People with less than perfect credit receive mortgage loans everyday. Workshops provided by the Home Resource Center staff and industry professionals will address methods of improving your credit and ways to deal with no credit. Register now by calling 202-777-HOME.
Q: Where can I find a home?
A: Realtors will be happy to assist you in finding the home of your dreams once you have been pre-approved by a Participating Lender.
Q: Do you offer foreclosure mitigation assistance?
A: For a list of organizations that offer housing counseling and foreclosure mitigation assistance, click here.
Q: Does DCHFA currently have funds available for down payment assistance?
A: Yes, funds are currently available.
Q: Does DCHFA currently have mortgage funds available?
A: Yes, funds are currently available.
Q: Can I qualify if I am not a first-time homebuyer?
A: Yes. Both first-time homebuyers and repeat homebuyers can take advantage of DCHFA's Affordable Mortgage Program.
Q: What are the income limits to purchase a home with a DC Bond mortgage?
A: There are no income limits when purchasing in a Targeted Area.
Q: How can I determine if a neighborhood is in a targeted area?
A: Click here to access a Targeted Area Map.