Monday, April 27, 2009

HPAP - Am I eligible for a loan?

To be eligible for HPAP assistance, you must meet the following criteria:

+Be the head of the household and a first-time homebuyer.
+Be a low-to-moderate income resident, based on the Department’s standards.
+Cannot have had ownership interest in any residential real estate within the three years prior to application.
+The purchased home must be the borrower’s primary residence and must be located within the District of Columbia.
+Possess a good credit rating.

Applications are prioritized based on the following:
-low-income, elderly, handicapped, disabled or displaced District residents
-other District residents
-non-residents who have been employed in the District for one year prior to application
-non-residents who have lived in the District for three years as an adult