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Government and People
District of Columbia Housing Finance Agency
April 2, 2001
|CONTACT: SHARON GRINDLE
Washington, DC, April 2, 2001- Through the Housing Finance Agency, the City is making $24,0000,000 in low cost mortgages available to low and moderate income persons buying in the District. With a grant of Federal HOME Funds through the Department of Housing and Community Development, the Agency is able to make some loans at 3.75%, (30 year fixed.) These very low rate loans are restricted to persons with certain income guidelines (for example, a family of four making $66,220.)
In addition, the Agency is offering a program of Low Rate 6.10% mortgages that can be used with Home Purchase Mortgage Assistance (HPAP) closing cost/down payment loans and an Assisted Rate of 6.79% that includes a grant of 4% in closing cost/down payment assistance. Income is limited to $112,840 for 3 persons or more and $96,720 for singles or partners in most of the City's neighborhoods. These loans are available to first and second time homebuyers in the District. The Housing Finance Agency's Home Resource Center advises potential buyers about all of these programs in their weekly, Walk-in Wednesday Workshops held at 10 AM or the new Brown Bag Housing Seminars held every Friday at 12 PM.
States Acting Executive Director, Zoreana Barnes, "In addition to low rates, we are offering a variety of FHA, VA., Fannie Mae, GMAC and Freddie Mac products to fit almost all pocketbooks. Our goal is to help increase the rates of homeownership in the City among all populations."
For more information about the new rates and loan programs, the public is invited to call (202) 777-HOME.
For more information call Sharon Grindle, Marketing/Communications Manager at (202) 777-1608.
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