DC Open Doors
Updated: Jan 24
DC Open Doors is a fantastic financing program that can be utilized throughout Washington, DC. Unlike many other assistance programs that can be layered with standard financing, it does not require much more time or effort from the home buyer, making the program even more attractive!
So, what is it?!
DC Open Doors offers a zero down payment financing option with a potential for reduced mortgage insurance for those purchasing in DC. Depending on the loan program, that means either 3% of the purchase price (Conventional) or 3.5% of the purchase price (FHA) in down payment assistance funds. This is a deferred, 0% interest loan that is due upon any one of the following: Mortgage payoff (30 years), sale or transfer of property, refinance, or ceasing the property as your principal residence.
If you choose to forego the down payment assistance you can still use this program for a lower interest rate and reduced mortgage insurance. This means it should allow you to have a reduced monthly mortgage payment which can increase your affordability in this competitive marketplace.
DC Open Doors has certain guidelines and restrictions that you must fall into in order to qualify for use of their program. We will discuss these specific to your financing, but here are some of the main requirements.
1. The loan amount must be below $510,400.00 for down payment assistance (as of 1/1/2020)
2. You must be below the borrower's income cap as set by the program. Currently, that income is capped at $145,560.00 as of 6/2/19
3. You must not own any other property at the time of closing on your new home using DC Open Doors. That is right. You DO NOT need to be a “first time home buyer” in order to use this program, making it especially unique.
Reach out with any questions about qualifying. The best place to start is by completing the pre-qualification form: mainstreethomeloans.com/hcochin. We will then set up a call to review your personal financing options and set the plan for what works best for you and your family to achieve your goals of home ownership.
Income restrictions, minimum credit scores, DC Open Doors program requirements and qualifications apply. This is not a guarantee to extend consumer credit as defined by Section 1026.2 of Regulation Z. Programs, interest rates, terms and fees are subject to change without notice. All loans are subject to credit approval and property appraisal. Refinancing your current mortgage loan could result in the total finance charge to be higher over the life of the loan.