D.C. Agency provides $50 Million in Mortgage Bonds

The D.C. Housing Finance Agency helps borrowers purchase homes in the Washington D.C. area. They recently issued $50 million in mortgage bonds to help low to moderate-income buyers obtain low-interest mortgage loans. Hopeful home buyers can apply for rates as low as 5.6 percent on 30 year loans. This makes it possible for buyers to make lower mortgage payments each month, or to afford better homes than they could otherwise.

First time home buyers may receive a mortgage bond for a home anywhere in Washington D.C. While repeat purchasers are still eligible, they may only choose from homes in certain neighborhoods. Naturally there is an application process involved, but this is a great cost-saving opportunity as well.

Interested in applying? Contact any of these participating lenders: American Home Mortgage, B.F. Saul, Countrywide Home Loans, First Horizon, First Home Mortgage, Industrial Bank, Sun Trust Mortgage, and Wells Fargo Home Mortgage.

There have been several changes to the D.C. bond program recently, making the process much more convenient. It used to take about five days to apply for a loan. Thanks to new lender partnerships it only takes about two days to receive approval. Also, current home owners can take advantage of the bond program to refinance their home and assign portions of their loans to remodeling their home.

"The D.C. Bond Program is a much-needed addition to the city's mortgage loan market. The program not only offers competitive rates and a new streamlined process, but it is a tool specifically designed to help keep Washington affordable to low- a moderate-income residents," commented Harry D. Sewell, the D.C. Housing Finance Agency's Executive Director. "Although the agency was out of the mortgage loan market for a few years, we are committed to remaining a viable option for residents who wish to find a cost-saving way to buy a home in Washington."

Since starting out in 1979, the Housing Finance Agency has assisted with the purchase of nearly 6,000 homes for families throughout the Washington D.C. area. A number they are sure to surpass with the help of these recent improvements. Anyone Interested in becoming a homeowner or interested in learning more is welcome to contact the Hoffa's Home Resource Center at (202) 777-HOME