DC is getting another tool in the homebuying assistance arsenal.
This morning, Mayor Muriel Bowser and EagleBank President and CEO Susan Riel announced a new program to make homebuying more affordable for DC government employees. The program, which can be layered with the Home Purchase Assistance Program and the city employee-specific Employer-Assisted Housing Program, would offer users a discount on mortgage interest rates, as well as potential credits toward closing costs.
The mortgage loan program would apply to conventional loans, as well as home equity lines of credit, Federal Housing Administration loans, DC Open Doors loans, and 203k rehabilitation loans with a maximum value of 110 percent or $726,525 post-rehabilitation. Unlike typical homeownership assistance programs, DC government employees who are already homeowners would not be ineligible.
The program is expected to begin in the coming weeks. Source
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