Friday, June 11, 2010
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.