The DC Housing Finance Agency and Its Various Help for Homeowners

The Obama administration has established a program called the Hardest Hit Fund in order to provide special attention to states with high foreclosure rate in the country. The D.C. Housing Finance Agency is the official state housing agency of Washington, D.C. The Department of Treasury allotted approximately 20 million U.S. dollars to the DCHFA to help the agency implement loan modification and home refinancing programs in their area. The DCHFA was established during the year 1979 in order to give help for homeowners and stabilize the housing market of Washington, D.C.

The Agency aims to broaden the opportunity for borrowers to achieve their American dream of homeownership. It issues mortgage revenue bonds so that the housing cost is lowered and consequently decreases the costs of home rehabilitation. Furthermore, the agency also helps developers in the acquisition, rehabilitation, and construction of communities or homes.

The various help for homeowners available in the state of Washington, D.C. are as follows:

The Housing and Economic Recovery Act- It improves the housing development in Washington, D.C and reaches out to more troubled American homeowners needing loan modifications in an attempt to ultimately combat the current foreclosure crisis in the state. American Recovery and Reinvestment Act of 2009- Offers an expanded financial and mortgage benefits to the American unemployed workers by giving over 700 billion dollars for social welfare programs, foreclosure prevention, etc. DC Bond Affordable Mortgage Program- Available for homebuyers with FHA mortgage. The DC Bond Program makes your monthly loan payment more affordable by providing a 30 year, fixed-rate loan with an interest rate of 4 percent. DHCD's Down payment and Closing Cost Assistance- Provides subsidies to low income families who want to purchase a new home. It offers financial down payment assistance for up to 10 thousand dollars to Americans who qualify for the program.

There are plenty of mortgage help available in the region, DCHFA partners with the different firms in providing loan modification opportunities to D.C homeowners. You may also look for the DCHFA's list of community-based organizations ready to provide free counseling to troubled borrowers.

If you have any question regarding the various government help for homeowners programs, visit their office at 815 Florida Avenue, NW Washington, D.C. 20001 or call their hotline number at (202) 777-1600. Log on to , you will find plenty of foreclosure resources and counseling agencies that can help you preserve your home and prevent repossession permanently.