“Each week my first trust lender is charging me $200 to lock in my rate.”

Photo by PoPville flickr user Eric P.

“Dear PoPville,

If anyone you know is trying to close on his or her first home this month and had gone through DC’s Home Purchase Assistant Program (HPAP), they won’t be able to.

Greater Washington Urban League (GWUL), which administers the HPAP loan, has not received August funds from Dept. of Housing and Community Development (DHCD) which is preventing first time home buyers from closing on their home.

HPAP acts as a buyers second trust loan. Because GWUL doesn’t have their August funds from DHCD, they cannot loan anyone money to close this month.

Four weeks after my original closing date, everything is finally ready on the seller’s end for settlement. But now, I, as the HPAP recipient, am not ready because GWUL cannot loan me the money for which I already qualified. So my settlement is postponed indefinitely, until GWUL gets their funds. Each week my first trust lender is charging me $200 to lock in my rate.

This is a mess. DHCD needs to release the funds to GWUL ASAP so I and all other first time home buyers closing this month can move into our homes and enjoy homeownership in DC.

Extremely frustrated.”

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