Think you can’t own your own home? Think again. The Savoy Court team is experienced in credit repair and the programs often available to first time homebuyers. Interest rates are at historic lows and we have established relationships with banks such as Bank of America and nonprofit organizations such as Manna Mortgage.
Below are just a few of the programs that can help you realize your dream of owning your own home.
The Home Purchase Assistance Program (HPAP) – Enables lower and moderate income individuals to purchase affordable housing in Washington, D.C. Qualified HPAP applicants can receive up to $44,000 in financial assistance to purchase single-family houses, condominiums and cooperative apartments. HPAP funds can be used for down payment and/or closing costs. The city’s HPAP purchase assistance program is in the form of a no interest loan where no payments are made for five years. In year six, the loan amortizes over a 40 year period and never charges interest. In addition, HPAP will pay for most, if not all, of your closing costs. Find out more by clicking this link to HPAP http://www.gwul.org/programs/housing/hpap
Property Tax Abatement – Most of the owners at Savoy Court qualified to pay NO real estate property taxes for five years. If you are a first time homebuyer, you may qualify as well. We can tell you whether you qualify and will complete the paperwork for you.
Developer Assistance – Each buyer has unique financing needs. Often, the developer will provide a “seller credit” to help a buyer if needed. The seller credit can be as high as several thousand dollars.
Lease to Own Program – In certain circumstances, the developers will allow a buyer to move into their unit before settlement. Often this is done to establish DC residency requirements for the HPAP program or to allow the buyer to save enough cash for closing or to have time for minor credit repair issues. A unique feature of the program is that the developers will escrow up to $500 per month of rent to be used for to assist the buyer in completing the purchase.