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When it comes to purchasing a home, many first-time buyers may find the amount of information overwhelming. Lucky for those living in the DC metro area, there are several programs designed to help make the process easier. From down payment assistance to special tax credits, these programs provide an array of options that can serve as a great starting point for first-time homebuyers.
In DC, the Department of Housing and Community Development (DHCD) offers an array of programs designed to make homeownership more accessible. These include down payment assistance, mortgage insurance, tax credits, and more. DHCD’s Home Purchase Assistance Program (HPAP) is notable for providing cash assistance to low- and moderate-income first-time homebuyers, enabling them to purchase a home with no down payment.
Maryland offers several programs through the Maryland Department of Housing and Community Development (MDHCD). These include the Mortgage Assistance Program (MAP), which provides up to $5,000 in assistance for eligible borrowers. Plus, MDHCD offers a HomeCredit program that provides a dollar-for-dollar tax credit for certain home buyers.
Virginia also has several programs available to first-time homebuyers. The Virginia Housing Development Authority (VHDA) has multiple loan and incentive programs for those looking to purchase their first house in the state. VHDA’s FHA Plus Loan provides up to 5% of the purchase price in down payment and closing cost assistance, while its HomeBuyer Tax Credit offers a 20% tax credit for those buying their first home in Virginia.
These are just a few of the programs available for first-time homebuyers in the DC metro area. If you’re considering purchasing a house, be sure to do your research and explore the options available in your state, county, and city—you may just find an incentive that can make homeownership more affordable than you thought!
Happy house hunting!