Federal VA Home Loan Guaranty
For many qualified veterans, the federal VA-guaranteed home loan can significantly reduce the financial burden of a first-time home purchase. Benefits include allowing borrowers to secure competitive interest rates without requiring a down payment or private mortgage insurance.
How it works:
When you use your federal VA home loan benefits, the federal VA does not actually lend the money for the home. Rather, federal VA-guaranteed loans are made by private lenders, such as banks, savings and loans, or mortgage companies. The federal VA guaranty means the lender is protected against loss if the borrowing veteran fails to repay the loan.
VA home loans can be used to:
- Buy a home, a condominium unit in a VA-approved project
- Build a home
- Simultaneously purchase and improve a home
- Improve a home by installing energy-related features or making energy efficient improvements
- Buy a manufactured home and/or lot.
Note: In all cases, the home must be for your own personal occupancy.
You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. COE’s are granted based on a number of factors related to the length and nature of your military service. Spouses of veterans may also be eligible for the home loan guaranty under certain conditions.
Find out more: Federal VA Home Loan Guaranty
Supplemental Financing Loan Guaranty
Veterans who have available home loan guaranty entitlement may also obtain a guaranteed loan, or possibly a direct loan, from the VA to supplement the grants to acquire a specially adapted home.
For more information: Federal VA: Home Loans
Department of Housing and Community Development
The mission of the Department of Housing and Community Development (DHCD) is to create and preserve opportunities for affordable housing and economic development and to revitalize underserved communities in the District of Columbia. The DHCD Housing Resource Center is among the resources that help residents find affordable homes in the District.
For more information: Department of Housing and Community Development - webpage
Housing Counseling Services
Housing Counseling Services partners with a network of Community-Based Organizations (CBOs) to provide counseling services and training to tenants, potential homeowners, and current homeowners. Specific topics include foreclosure prevention or mitigation, credit counseling, home/budget management, homebuyers clubs and relocation, applying for program assistance, managing the home purchase process, homeowner training, apartment locating, and other services that assist residents with housing needs.
Renter assistance is also provided to aid tenants in understanding their rights and responsibilities, including issues such as potential displacement, rental/eviction counseling, and ongoing apartment management. Workshops are offered by CBO partners on a regular basis throughout the month and one-on-one counseling is available by appointment.
For more information: Housing Counseling Services CBOs
Home Purchase Assistance Program (HPAP)
The Home Purchase Assistance (HPAP) program provides interest-free loans and closing cost assistance to qualified applicants to purchase single-family houses, condominiums, or cooperative units. The loan amount is based on a combination of factors, including income, household size, and the amount of assets that each applicant must commit toward a property’s purchase. The loan is subordinate to a private first trust mortgage.
For more information: Home Purchase Assistance Program