DCHFA Seeks to Assist With Closing Costs
June 7, 2017
In an effort to expand homeownership opportunities in the nation’s capital, the District of Columbia Housing Finance Agency (DCHFA) has introduced three incentives to assist in the mortgage application process.
Under this initiative, DCHFA is offering $1,500 grants to be used towards closing costs for borrowers whose income is at 80 percent or less of the area median income. The agency is also increasing the maximum borrower income for all DC Open Doors loan programs to $132,360 for qualified applicants, and it has also begun offering Freddie Mac’s super conforming mortgages for loans with a maximum level of $636,150.
“Homeownership is the cornerstone of wealth accumulation,” said Todd A. Lee, executive director at the DCHFA, adding that these incentives will help “people purchase a home in the District of Columbia.”