Incentives

Lydia’s House Grant Program

Finally – A way to buy with no money down! You can now receive a DOWN PAYMENT GRANT OF 5% on select homes ONLY at Kite House.

Say goodbye to rent and open a new chapter on homeownership with payments as low as your current rent. The Ownership of Kite House has partnered with the nonprofit Lydia House, which has a long reputation of creating homeownership readiness for people in the District of Columbia.

Under The Parks at Walter Reed Homebuyer Down Payment Grant Program, up to $500,000 in grant funding will be available through Lydia House. Lydia House will offer Homeownership Readiness, education as well as down payment assistance grants to qualified purchasers with incomes below 120 percent of area median income (AMI).

To be eligible to receive a Down Payment Grant, potential homebuyers must:

• Have an annual household income at or below 120 percent of the area median income.
• Contact the Kite House sales team, Urban Pace,to review available units and learn more about qualifying for the program and Approved Lenders.
• Apply and become pre-qualified by an Approved Lender for a mortgage.
  ○ Thereafter, the Mortgage Lender will notify both the homebuyer and Lydia House that they have been approved.
  ○ Lydia House will notify the homebuyer that both the mortgage and grant have been approved and inform the homebuyer of the amount of the grant.
• The Homebuyer is required to register with Lydia House for their Homebuyer Readiness course within 10 days from approval notice.
• The Homebuyer shall complete the Homebuyer Readiness Course within 45 days from approval notice and prior to closing on the condo purchase.
• The Homebuyer must contribute a minimum of $5,000 toward the purchase, which may be in the form of a deposit on the sales contract, funds due at settlement or items paid in conjunction with the Homebuyer’s mortgage.

Grant funds are limited so don’t wait, call us today to learn more and schedule a tour.

Interest Rate Buy Down… Save Hundreds on Your Monthly Payment!

Kite House will buy down the interest rate so you can buy your dream home for less than you may be paying in rent.

We are bringing down mortgage interest rates to give you more buying power. Kite House will buy down your interest rate by UP TO 2% FOR THE FIRST YEAR! Through our exclusive lending partnerships, Kite House is able to offer you this unique opportunity to lock in a below market interest rate to purchase your brand new home.

See how much you can save when you compare monthly payments at today’s market rates through our builder-paid buy-down financing in the example below. Contact our sales team to learn more.

*Receive up to a 2.5% incentive from Seller when you purchase a new home at Kite House. Purchasers must use one of the builder’s preferred mortgage companies and designated title company to receive the incentive. Incentive may be used toward closing cost credits, rate buydowns and/or optional selections on select homes. 4.625% Financing Scenario assumes a 30-year fixed rate mortgage, rates effective 09/20/2024. Assume an owner-occupied purchase with a $364,900 purchase price, loan amount of $346,655, a $18,245 down payment (5%) and 780 credit score. 2-1 temporary buydown financing scenario assumes an interest rate of 6.625% for years 3-30. (6.839% APR) In this scenario, buyer would have a 4.625% rate in year one, and a 5.625% rate in year 2 two with $8,350.28 in temporary buy down fees (paid by the Seller). Payment assumes $50 per month in homeowners’ insurance, $259 in property taxes, and $121.55 in MI fees. Payment does not include condo fees which are estimated at $311.17 per month. Interest rate buydown is only for the first two years of the loan. Incentive not available on existing contracts. Additional terms may apply. Rates, terms and availability of programs are subject to change without notice. Offer valid on select homes only. Please contact our onsite Sales Managers to learn more about our available homes and incentive programs.