Maceo Clark talks with attendees of the 2019 DC Housing Expo. (Courtesy photo)
Maceo Clark talks with attendees of the 2019 DC Housing Expo. (Courtesy photo)

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Nobody comes in saying they want a mortgage. They want a home. Lower interest rates – for homeowners and potential buyers – can make a big impact by providing lower monthly payments. For some, the current interest rate environment can mean the difference between owning a home and paying rent to a landlord. And for people who already have a mortgage, they could be thinking about refinancing for a lower interest rate.

Home Purchase and Low Rates

Most programs for first-time homebuyers have lower rates to begin with, and people do not need 3% down-payment to buy a first home. That said, people have to know what’s available. Some of the biggest tools I use to create and maintain strong relationships in the community are the wide range of loan options for people who want to buy a home in this area. EagleBank offers assistance programs that all provide financial help of some kind. These programs include the District’s programs HPAP and DC Open Doors, Federal Home Loan Bank (FHLB) grants from community banks like ours, Maryland Mortgage Program, and VA loans for veterans and active military.

How much people can receive usually depends on annual income and size of household. Babies, children, and grandparents living in the home count, and can expand a family’s ability to qualify for some programs.

I try to share any and all mortgage information that can help others. Last year, EagleBank started an initiative with the DC Government called “Work in DC, Buy in DC.” It offers substantial reductions in mortgage interest rates for DC government employees and first responders. This partnership with Mayor Bowser to provide more sustainable housing in the DC area is a prime example of new options for the people of the area for both first time and returning borrowers.

Low Rates and Refinancing

People often wonder if refinancing makes sense for them during these challenging times. It does for people who are still receiving an income. Lenders have to verify ability to repay the loan, and income verification is the primary method we use. Even most people who purchased their home a year ago can likely find a better rate than what was available in 2019. EagleBank Residential Lending is here to continue to support the community’s mortgage needs with a fully online loan process.

My sympathies to anyone who has lost income because of COVID-19. If you are in forbearance, there are resources to help. Reach out to your current lender for guidance.

Loving Life as a Community Lender

I value my roots as a community banker. I’m doing exactly what I love – getting to know my customers and their families and giving people the opportunity to buy a home in any kind of market. It makes me feel good to share how the numbers can complete a financial profile, so that’s why I am an active participant in first-time homebuyer events such as the DC Housing Expo where I serve as a proud participant, informant, and advocate for home buyers.

EagleBank has been and will continue to be with our clients during promising and challenging times—that is what it means to be a community bank.

Maceo Clark (NMLS# 807001) has extensive experience in the mortgage industry as a community lender and loan originator. He is also a long-time volunteer youth soccer coach, so EagleBank’s partnership with DC United truly hits close to home. His ongoing goal as a lender is to provide the best mortgage options and achieve the highest levels of satisfaction for his customers. He can be reached at

Contact us for more information about specific programs

EagleBank is an Equal Housing Lender. NMLS# 440513

WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

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