Sunday, October 1, 2006

Eligibility for all of these programs varies widely, especially the income limits. More detail on requirements and procedures are available from these agencies.

Community Development Administration

Maryland Department of Housing and Community Development

Phone: 410-514-7530 or 800-638-7781

Web site: http://www.dhcd.state.md.us/

Maryland offers several programs to assist resident first-time home buyers in purchasing a home and paying closing costs. These programs are available throughout the state, although in targeted areas the first-time home buyer requirement is sometimes lifted. Residents must participate in an approved home buyer workshop. There are additional requirements in certain counties.

· More House 4 Less (administered by the Community Development Administration): Available through approved lenders. Loans between 30 and 40 years available with fixed and varying interest rates, with interest-only payments for the first five to seven years.

· Down Payment Settlement Expense Loan Program: Helps eligible borrowers purchase a home by funding up to $5,000 for closing costs, with no interest.

· House Keys 4 Employees: Gives more down payment and closing costs assistance than the Down Payment Settlement Expense Loan Program. Borrowers who receive a contribution from eligible state employers receive matching funds of up to $5,000.

· Live Near Your Work Plus: Premium-priced first mortgage program that offers a first mortgage (at a slightly higher interest rate than More House 4 Less program) that provides borrowers who are purchasing a home within 25 miles of their place of employment with a 3 percent closing costs assistance grant.

Arundel Community Development Services Inc.

Phone: 410-222-7600

Web site: None

· Home Ownership Counseling Program: Teaches people how to become home owners.

· Mortgage Assistance Program for Moderate Income Residents: A zero-interest loan of up to $44,000 for closing costs, down payment and mortgage write-down assistance. A lien is put on the property; if the house is sold, the loan must be paid back in full.

· Workforce Housing Initiative: A loan of up to $10,000 that enables residents to use the state's House Keys 4 Less Program.

Housing and Community Development Division of the Department of Community Services

Phone: 301-934-0136

Web site: http://www.charlescounty.org/cs/housing

· First Time Home Buyers Settlement Expense Loan Program: Provides direct financial assistance up to $6,000 to qualified low- and moderate-income, first-time home buyers, to use for settlement expenses associated with a home purchase in designated areas of Charles County.

Housing and Community Development

Phone: 301-694-1061

Web site: http://www.co.frederick.md.us/Housing

· Frederick County is working to implement several programs aimed at expanding affordable housing.

Housing and Community Development

Phone: 410-313-6320

Web site: http://www.co.ho.md.us/DH/DH_Homepage.htm

· Howard County Settlement Down Payment Loan Program: With income requirements, loans are available and amortized for at least 15 years at below-market interest rates.

Housing Opportunities Commission

Phone: 301-929-6700

Web site: http://www.hocmc.org/

· Mortgage Purchase Program: Offers below-market mortgage financing to the general public for purchasing a first home in the county. All loans have income requirements and no points. There are fixed-rate and step-rate loans available.

· Closing Cost Assistance Loan: Offers 5 percent closing costs assistance up to $10,000 with a 5 percent interest rate. At least one borrower must be working in Montgomery County.

· Housing Choice Voucher Homeownership Program: Commission selects eligible families randomly from those who are qualified for housing voucher rental assistance. Money that would otherwise be used for rent is used to cover ownership costs.

· Housing Opportunities Commission Homeownership Program: Designed to prepare and assist those living in Housing Opportunity Commission homes to become homeowners.

· Homeownership Assistant Loan Fund and Closing Cost Assistance Loan: Assists residents of Housing Opportunity Commission homes with loans for closing costs up to $3,000 at an interest rate of 4.5 percent, 5.5 percent or 6.5 percent.

Department of Housing and Community Development

Phone: 301-883-5570

Web site: http://www.co.pg.md.us/Government/AgencyIndex/HCD

· American Dream Downpayment Initiative: Federally funded program provides down payment and closing costs assistance to low-income families who are first-time home buyers.

· Home Buyer Advantage Program: Fixed-rate and adjustable mortgages available with optional second mortgage to cover closing costs requiring a minimum contribution for as low as $500 from the borrower. Home buyer education classes are required. Rates and repayment terms vary.

· Housing Choice Voucher Home Ownership Program: Participants in the county's rental program in good standing who make a minimum income of $26,000 (no income requirements for those 62 and older) are eligible for mortgage payment assistance on a sliding scale based on income.

Department of Economic and Community Development

Phone: 301-475-4200 ext. 1408

Web site: http://www.co.saint-marys.md.us/decd ; click on the house icon at the bottom of the page.

· House Keys 4 Employees: County matches statewide program, giving eligible workers up to $5,000. By combining with other state programs, a recipient can get up to $15,000.

Virginia Housing Development Authority

Phone: 877-VHDA-123

Web site: http://www.vhda.com/

The Virginia Housing Development Authority is the state's mortgage finance agency. Each year the authority allocates money through specific programs to the various jurisdictions. The cities and counties tailor local programs to meet local needs.

· Sponsoring Partnerships and Revitalizing Communities: Provides loans to potential home buyers through local governments, nonprofit organizations, developers and redevelopment and housing authorities. The state allocates money annually to cities and counties for programs that meet specific local needs. Qualified recipients receive interest rates of up to 1 percent below VHDA loan rates.

· HomeStride: Provides a second mortgage of up to $25,000 with no payments and no interest for the first three years; payments from year four to year 30 are at a 5 percent rate.

· VHDA Conventional Fixed: Offers a below-market VHDA fixed-rate loan with low fixed payments, no down payment and loan amounts of up to 103 percent of the sales price.

· Federal Housing Administration Insured Loans: Provides below-market VHDA fixed-rate loans with low fixed payments and a 3 percent down payment.

· FHA Plus: Offers an FHA-insured fixed-rate first mortgage with a second loan to assist with down payment and closing costs.

· 1st Choice Interest Only: Applicants with good credit and stable employment can qualify for no down payment and no mortgage insurance on a 30-year fixed-rate mortgage with interest-only payments for seven years and principal payments starting in the eighth year.

· VHDA Step Rate Loans: Provides VHDA reduced-rate loans for borrowers who expect their incomes to increase. These loans offer lower initial payments, which increase in the second and third years, and require no down payment.

· Flex Alt 100: Offers loans with no down payment and no mortgage insurance, which means lower monthly payments and less upfront cash required.

· Flex Alt Advantage: Variant of the Flex Alt 100 offers financing of up to 104 percent of the sales price to assist with payment of closing costs and points.

Office of Housing Program Implementation Division

Phone: 703-838-4622

Web site: http://alexandriava.gov/city/housing

The City of Alexandria has several programs to assist residents and employees buying within the city limits. Special assistance is also available for city police officers, teachers and other public employees.

· Homeownership Assistance Program: Has income limits but provides up to $50,000 in a 99-year deferred payment with no interest. Restricted to first-time home buyers who have lived or worked in Alexandria for six months.

· Moderate Income Homeownership Program: Those with moderate incomes can receive up to $30,000 with a 99-year deferred payment with no interest. Restricted to first-time home buyers who have lived or worked in Alexandria for six months.

· Law Enforcement Moderate Income Assistance: Designed for city police officers and deputy sheriffs with household incomes that fall within city-established income limits. Provides second-trust loans of up to $50,000 in down payment assistance and settlement costs.

· Employee Homeownership Incentive Program: No income limits apply for this unsecured loan of up to $5,000 with a deferred payment. Must be employed or under contract to be employed by Alexandria City government or Alexandria City schools; no interest if employment continues for three years.

· Affordable Set-Asides Sales Units Program: Discounts provided by developer of new residential construction. Prices and resale prices enforced through a restrictive covenant of up to 30 years and the buyer must meet Homeownership Assistance Program or Moderate Income Homeownership Program eligibility requirements.

Community Planning, Housing, and Development Director

Phone: 703-228-3786

Web site: http://www.arlingtonva.us/Departments/CPHD/CPHDMain.aspx

· Moderate Income Purchase Assistance Program: Up to $25,000 loan, with no payments or interest for first five years. Monthly payments of $113 per month in years six through 30.

Department of Housing and Community Development

Phone: 703-246-5085

Web site: http://www.fairfaxcounty.gov/rha/homeownership

· First Time Homebuyer Program: Offers affordably priced townhouses and condos ($70,000 to $160,000) to first-time buyers who meet income requirements.

· Homebuyer Equity Loan Program: Gap and down payment and closing costs assistance up to $91,767. Sales price limit $362,790. Must be first-time buyers who live or work in Fairfax County and purchase in Fairfax County.

Housing and Human Services Division

Phone: 703-248-5005

Web site: http://www.fallschurchva.gov/

· Low Income Mortgage Program: Provides reduced interest-rate financing to those who meet income requirements. Recipients are eligible for a reduced interest rate of up to 1 percent below VHDA's conventional loans.

· HomeStride Program: Provides down payment and closing costs assistance of up to $25,000 as a second mortgage. The loan is for 30 years, with no payments and no interest for the first three years; the interest rate is then fixed at 5 percent for the remaining years.

· First Time Homebuyer Down Payment and Closing Cost Assistance: Provides down payment and closing costs assistance of up to $20,000 as a second deferred mortgage. The loan is zero interest and repayment occurs when the home is resold.

Loudoun Department of Family Services

Phone: 703-737-8043 (Housing program screener)

Web site: http://www.loudoun.gov/housing

Applicants to all county housing assistance programs must call to be screened for eligibility requirements. Callers should know the total household gross annual income (household members over age 18 and not in college) and credit score for both the primary and secondary applicant.

· Homebuyers Opportunity Sales Program: Allows first-time home buyers (or those not having ownership interest in the past three years) to purchase a new home directly from the builder or a previously occupied home at a substantially lower sales price than similar homes being offered at market prices. Applicants are placed on a waiting list based on the time of certificate issuance and their position in the appropriate priority category.

· Downpayment and Closing Costs Assistance Program: Provides loans of up to $10,000 based on property sale price. Loan is 3 percent for 10 years.

Applicants must meet the same qualification criteria as HOSP.

Office of Housing and Community Development

Phone: 703-792-7535

Web site: http://www.pwcgov.org/housing

Prince William County programs require that recipients be first-time home buyers who have lived or worked in the county for at least six months and have not had ownership in another property within the past three years. Applications are available online but must be submitted in writing. In some cases there are additional requirements.

· Homeownership Assistance Program: Provides up to $75,000 and up to 6 percent of the sale price for actual closing costs as a 30-year deferred payment with no interest

· American Dream Downpayment Assistance: Provides 6 percent of sales price (maximum $10,000) for down payment, in addition to Homeownership Assistance Program, a 30-year deferred payment with no interest

· Rehabilitation Acquisition Program: Provides up to $25,000 as additional down payment for properties bought under either of the two other programs. Property must require a minimum of $2,000 in repairs or improvements, maximum improvements $50,000.

Department of Housing and Community Development

Web site: http://www.dhcd.dc.gov/

Phone: 202-442-7200

Greater Washington Urban League: 202-265-8200 ext. 228

Housing Counseling Service Inc: 202-667-7006

Latino Economic Development Corp.: 202-588-5102

Lydia's House: 202-373-1050

Marshall Heights Community Development Corp.: 202-396-1200

University Legal Services, NE: 202-547-4747

University Legal Services, SE: 202-645-7175

· Home Purchase Assistance Program: Provides up to $7,000 and closing costs assistance to eligible households for 4 percent of purchase price or $7,000, whichever is less.

· Employer-Assisted Housing Program: Provides up to $1,500 in matching payment funds and a deferred loan of up to $10,000.

· Metropolitan Police Housing Assistance Program: Provides police officers up to $1,500 in matching payment funds and a deferred loan of up to $10,000. Income tax credit of $2,000 a year for five years. Property tax credit for five years on a sliding scale.

· First Right Purchase Assistance Program: Provides direct short-term and permanent financing loans to low- and moderate-income renters and tenant groups to exercise their rights under the District's Right of First Refusal law.