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Down Payment Assistance Programs

There are down payment assistance and low down payment programs available both nationally and locally.  I have written below the descriptions of each program to aid in understanding what is available.  During your initial conversation, we will review your financial situation to see what is the best fit for you.

For most first time buyers, putting together the down payment is the hardest part of purchasing.  And so the government has eased this by offering down payment assistance programs with either grants or interest-free-loans.  The “catch” is that sometimes these loan programs come with higher interest rates than if you were making the down payment yourself.

Maryland:

HOC and MMP (Montgomery County HOC and Maryland Mortgage Program)

Montgomery County $25k loan

McHaf

Howard County SDLP

Takoma Park Home Stretch

Gaithersburg Homebuyer Assistance Loan Program

Prince George’s County Pathways to Purchase

Medpal

DC:

DC Open Doors

DC Tax Abatement

HPAP & EAHP

Transfer Tax Reduction

Virginia:

VHDA

Available in DC, MD, VA, programs that are of most interest to first time buyers and some which offer down payment assistance and others which have different benefits:

Community Reinvestment Act (CRA)

One and Dream

 

First Home Advantage

First Home Heroes

FHOP (100% financing / no MI)

Home Ready and Home Possible

Federal Home Loan Bank (FHLB).  (Available beginning 2/5/24) $12,500-$15,000 grant

Chenoa Fund

 

Questions? [email protected] or 240-479-7658

Ready to pre-qualify?