Frequently Asked Questions
Q: What is the first step I should take to buy a home?
A: Contact the DC Housing Finance Agency by calling 202-777-HOME. You might also begin by contacting a HUD-approved housing counseling agency to learn more about the homebuying process; or if you feel you are ready to implement the purchase process, you may find a Realtor to assist you.
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 the DC Housing Finance Agency's downpayment assistance products. 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 HUD-approved housing counseling agencies may address methods of improving your credit and ways to deal with no credit. For details, contact the housing counseling agencies.
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 foreclosure prevention assistance, click here.
Q: Does DCHFA currently have funds available for downpayment assistance?
A: Yes, funds are currently available.
Q: Does DCHFA currently have mortgage funds available?
A: Yes. DCHFA has $25 million available between April 19, 2010 and October 16, 2010 (or until funds are depleted) to fund mortgages.
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 DC Bond Affordable Mortgage Program.
Q: What are the income limits to purchase a home with a DC Bond mortgage?
A: Thirty percent of the current DC Bond Program has no income restrictions. Additionally, 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.