Downpayment Assistant Programs
Every state and Washington DC offer downpayment assistant programs for first time and repeat homebuyers. Below is a revolving list of First Time Homebuyer Programs in different states and counties
Downpayment Assistance programs are a fantastic way to mitigate out of pocket funds in order to get in to a home. Different programs have different requirements, below is a running list of downpayment assistance programs in the DC Metro area. If any of them interest you then contact us and lets discuss next steps.
Maryland:
Montgomery County
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Maryland Mortgage Program (MMP) – Statewide
MMP – 1st Time Advantage
What it is: Offers first-time buyers a fixed 30-year mortgage plus down payment/closing cost assistance (e.g., 3%, 4%, or 5% of loan amount as zero-interest second mortgage)
Montgomery County Homeownership Assistance Funds Program - McHaf
Probably one of the better down payment programs in Montgomery County. This program provides up to 40% of the household's qualifying income for a max of $25,000 as a forgivable loan after 10 years.
MMP HomeStart
What it is: For lower-income first-time buyers (≤50% AMI), provides up to 6% of mortgage as zero-interest deferred loan.
MMP HomeAbility
What it is: Designed to assist Maryland buyers with disabilities with up to ~$45,000 in down payment/closing cost support via deferred second loan
MMP Montgomery County Assistance
What it is: Local help paired with MMP for home purchases in Montgomery County — up to ~$25,000 in deferred down payment/closing cost assistance
Prince Georges County
Pathway To Purchase Program
The most popular down payment assistance program in Prince Georges County is the Pathway to Purchase program. The Pathway to Purchase program offers up to ~$50,000 in 0% deferred loan, after 10 years of ownership, the loan is forgiven. Purchase Price Limit $448,000 for existing; $485,000 for new construction housing
Frederick County
Frederick County Homebuyer Assistance Program (HAP)
Up to $10,000; 50% AMI or less may be eligible for $12,000; 0% deferred loan, repayable when the home is sold or transferred. Currently live and/or work in Frederick County; Purchase a home in Frederick County; Completion of first time homebuyer education; Dwelling must be occupied as principal residence. Required to put a minimum of $500 of their own funds toward the purchase of the home.
College Park City - University Partnership - Live + Work Program
$20,000 deferred loan. The loan is 0% interest with a term of 7 years that is forgivable at the end of the 7-year term. homebuyer (or spouse) must be employed within the City limits of College Park or at properties owned by the University of Maryland, including the Discovery District. The home being purchased must be within the City limits of College Park. Must be primary residence, must be 18 years of age or older, the homebuyer must occupy the residence for a period of at least ten years from the date of settlement.
Washington DC
DC Open Doors
3% (if using conventional financing) or 3.5% down payment (if using FHA financing); deferred 0% loan that is due a payable : thirty (30) years from the date of loan closing; sale or any transfer of the property. Open to all neighborhoods and wards. Open to both residents and non-residents of DC. Minimum credit score of 640, cannot own any other property at time of closing.
DC Home Purchase Assistance Program (HPAP)
Up to $202,000, plus an additional $4,000 for closing cost assistance 0% deferred, repayable when the home is sold or transferred. Must be head of household and first time homebuyer, purchased home must be primary residence and located with DC.
DC Employer Assisted Housing Program (EAHP)
Deferred 0% interest loan up to $20,000 and matching funds grant up to $5,000. that is forgivable at the end of the 5-year term. he First-Responder grant requires employment, or acceptance of an offer of employment, with the DC as a police officer, fire fighter, paramedic, emergency medical technician, or corrections officer. The deferred EAHP loan is available to any District gov't employee of at least one year in good standing.
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