A DC area real estate association has released a guide to homebuyer assistance programs to help potential buyers navigate the region’s real estate market.
Mortgage rates are rising, as are house prices, pricing more potential buyers out of the market. But there are some little-known buyer support programs that go beyond the traditional bank mortgage that require cash down payments.
And in addition to nationally available programs, several are offered locally.
The Greater Capital Area Association of Realtors just launched a free, downloadable home finance guide for buyers called “Home Financing 101: GCAAR’s Guide to Financing Opportunities in DC and Maryland†
“Nothing is more local than real estate. And in the DC area, we actually have three different states and a lot of different counties, all of which offer different programs, protections, and incentives,” said GCAAR President Harrison Beacher.
Many offer home purchase loans and help with down payments and closing costs.
“In Washington, DC, next to the Home Purchase Toolthere is also DC Open Doors that’s another that can support buyers who are cash sensitive but have a higher threshold for monthly payments,” Beacher said.
DC also has incentives for home buyers under a Includes zoning program† Montgomery County has several, including: House keys 4 employees that helps the employees of the province, Maryland Mortgage Program SmartBuythe Mortgage Program Flexand a Reasonably priced residential unit sales program†
Some cities like Gaithersburg and Takoma Park have their own homebuyer tools.
The GCAAR Directory also lists Maryland’s state programs and many nationally available buyer assistance programs from Freddie Mac, Fannie Mae, FHA, the Veterans Benefits Administration.
“The new guide should be a helpful resource for first-time homebuyers as it explores financing options and programs that first-time homebuyers may not know about,” said Edward Krauze, CEO of GCAAR. “Using this guide, buyers can find a solid roadmap to start the home buying process.”
Not all available programs are limited to first-time homebuyers only.
The guide is brand new and was launched in late June as part of Home Ownership Month, and is evolving with details on more programs.
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