The DC Housing Finance Agency is piloting a program in Wards 5, 7 and 8 starting this week that will help the underemployed keep their houses while they find new employment. Through a $20M grant from the government, if you lost your job and have fallen behind on your mortgage payments, but are not yet in foreclosure or bankruptcy, you can receive up to 15 months of assistance from the HFA to help keep your home.
You have a variety of loan products to choose from and one of the most popular methods today is “streamline refinance”. This is because it’s a simple way to refinance with reduced documentation required. The loan process is more efficient, and the approval process is much faster.
The program will spread to the rest of the District in April, but the pilot is available now for the hardest hit areas of the city. if you’re currently out of work, and are struggling to keep your home, give the DCHFA a call at 202.777.1690 and ask about the HomeSaver Program. You’ll need to stay in your home for five years after receiving the assistance in most cases, as a lien is place against the property, but the loan will be totally forgiven after five years. There’s a PDF flyer on the HFA website if you’re interested, as well.