ANACOSTIA RIVER
REALTY, LLC

HPAP provides interest-free or low-interest loans for down payments, closing costs, or other expenses associated with buying a house, condo, or cooperate in DC. Home buyers with low or moderate income may qualify for the HPAP program and related benefits. HPAP is for first-time buyers who’ve been DC residents for at least a year, are purchasing a primary residence in DC, haven’t owned any residential property in the past 3 years, and have reasonably good credit. Depending on income, you may qualify for tens of thousands of dollars, as well as up to 7,000 or 4% of the purchase price for closing costs, whichever is less. Participants are often eligible for other benefits, such as a 5-year property tax waiver, a Federal tax credit and a homestead property tax deduction. For very low income families, repayment of loans may be deferred until the home is sold.

Acorn Housing Services

National non-profit ACORN Housing has been providing free housing counseling to low and moderate income homebuyers since 1987. They have opened HUD-certified, Fannie Mae-approved housing counseling offices across the US, helping over 50,000 families to achieve home ownership. ACORN Housing provides one-on-one mortgage loan counseling, first-time homebuyer classes, and helps clients obtain affordable mortgages through our unique lending partnerships. They look at your savings and credit history to see if you qualify for a mortgage. They can help you with credit problems and to create a down payment savings plan. When you qualify, they can help arrange a mortgage with lower interest rates, lower down payments and lower settlement costs than what banks usually offer.

National Assistant Corporation of America (NACA)

The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market.

DC Bond Program

The bond program is designed to make home ownership affordable to buyers in DC. To buyers who might not otherwise qualify for a loan. The past program is aimed at first time buyers, those who had not previously owned a primary residence in the past three years, and even repeat buyers if they purchased in "certain targeted neighborhoods." The benefits of the program is used help homeowners with a grant that could be used towards a down payment or closing costs. The interest rates on the loans were compatible with the conventional rates. There is a maximum income limits and purchase prices that will determine final qualifications.

DC Tax Abatement Program

The DC Tax Abatement Program provides an exemption from the DC 1.1% Recordation Tax and an allowable credit from your seller(s) of 1.1% equal to the DC Transfer Tax. Additionally, the program provides a five-year real estate tax abatement that begins October 1st following your date of closing.

Homestead Deduction

The Homestead Deduction reduces your real property’s assessed value by $64,000 prior to computing the yearly tax liability but is limited to residential property.

FHA 203K Home Improvement Loans

No reserves required; 6% seller Contribution allowed; no minimum credit score requirement; Appraisals based on future (improved) value; Owner occupied only, no Second homes, or Investor allowed; Streamline 203K is available for improvements up to $35,000; Non-occupant co-borrowers permitted ; 6 month Rehab period, work must start within 30 days ; Minimum labor is $5000, maximum labor is the lesser of the FHA loan limit or Applicable LTV limit; Condos are OK if they are FHA approved and the work is on the inside of unit; Borrowers can do their own work in some situations.

ANACOSTIA RIVER REALTY: The East of the River Experts.

ANACOSTIA RIVER REALTY, LLC

ANACOSTIA RIVER REALTY: The East of the River Experts.

ANACOSTIA RIVER
REALTY, LLC