Loan Programs for Teachers in DC
by John Crisafulli
on Monday, August 3rd, 2015 at 1:33pm.
Are you a teacher in Washington, DC? We understand that buying property can seem daunting for a number of reasons, including cost, but there are a few loan programs that can help. One is the Employer-Assisted Housing Program, or EAHP. This helps full-time DC Government employees become first-time homeowners within the District. You must have a good credit rating and enough income to afford a mortgage loan. If you are deemed eligible, you will receive matching closing cost funds up to $1,500 ($500 for each $2,500 saved by an employee) and a deferred second trust loan up to $10,000. Applicants are allowed to select a first trust lender of their choice. The maximum loan amount for the EAHP is $625,500. A second program that we recommend is the Home Purchase Assistance Program, or HPAP. This helps lower- and middle-income individuals and families (including teachers) purchase affordable housing in the District. If eligible, you can receive up to $54,000 in acquisition assistance and/or closing costs. The loan allows for repayments to be deferred for five years, and even at that point you are able to pay it back interest free. The details of HPAP are much more intricate than those of EAHP, so we recommend you click here for more information, including eligibility requirements, how to apply, and the seven steps to home ownership with HPAP. A third program that is available to teachers is the DC Open Doors Program, which we blogged about previously. For more information on all of these loans, please contact us or feel free to reach out to one of our preferred real estate lenders, Graham Pruitt, at email@example.com or 202-543-6830.
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