Friday, June 11, 2010

DCBond Drops Rate


The DCBond, which officially relaunched in April, is now even more appealing for those who actually qualify. The DC Housing Finance Agency (DCHFA) did low-income home buyers a favor, dropping the rate from 5.25 percent with zero points to 4.25 percent with half of a point on 30-year fixed-rate loans. For now, that is the only change, meaning the bond is currently only available as an FHA loan or a Veterans Administration loan; when DCHFA released the bond in April, industry professionals speculated that financing without FHA or VA might later be made available. DCHFA still offers buyer down payment assistance, i.e. $10,000 towards a down payment or closing costs for qualified borrowers (making less than $57,500 for individuals) who have little to no cash upfront. All loans be purchased by Ginnie Mae.

2 comments:

Anonymous said...

Speaking as the Public Relations Manager for the DC Housing Finance Agency, the DC Bond mortgage product is available to anyone seeking a mortgage at/below $417,000 for a primary residence in the District including repeat home buyers and single-person households with incomes as high as $123,000 annually. For details call 202-777-HOME.

Anonymous said...

I hope you meant Veterans "Affairs" rather than "Administration".

 

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