• Hillary C

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.

#loanprograms #dcopendoors #downpaymentassistance #firsttimehomebuyer #FTHB #Programs

HC

This website is for informational purposes only. The information contained herein can change at any time, and there is no representation to the accuracy contained herein. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. Please note that the pre-qualification does not constitute a commitment or a loan approval but is instead a preliminary assessment of your current credit worthiness. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Main Street Home Loans is not a Financial Advisor, Tax Consultant or Credit Repair Company. Please make sure to consult your own Financial Advisor, Tax Consultant or Credit Repair Company regarding your specific financial situation. Veterans Affairs loans require a funding fee, which is based on various loan characteristics. VA 580 FICO – Purchases only, must have Automatic Underwriting System (AUS) approval. No cash-out under 600. On a USDA Loan 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included. On FHA loans, LTV’s of up to 96.5% for FHA loans. FHA 580 FICO – Credit score below 600 requires Automatic Underwriting System (AUS) approval. Fixed rate loans only. W2 transcript option not permitted. APR describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate. The APR allows a borrower to compare costs of credit because it factors in term, interest rate and fees associated with the loan. Adjustable rate mortgages (ARMs) are home loans with a rate that varies. Your interest rate and monthly principal and interest (P&I) payments will remain the same for a defined initial period, then adjust annually when that initial period is over. During the adjustable period, there will be an interest rate cap that sets a limit on how high your interest rate can go. This product is primarily for a borrower with good credit (min 680 FICO) but a low Loan-To-Value (95% max). Debt-to-income ratios apply. Investment condominiums not allowed. Refinancing an existing loan may result in the total finance charges being higher over the life of the loan. Down payment assistance programs may require an educational class be taken. Down payment assistance programs are typically second mortgages that require the borrower to apply for a first mortgage. Testimonials appearing on this advertisement and Zillow, Yelp, Facebook, Twitter or other social media outlets are individual experiences of those who have used our services. Main Street Home Loans. does not provide incentives for testimonials or reviews. Any customer reviews on or before February 5, 2019 are for services performed prior to employment with Main Street Home Loans. MLO licensing information: DC MLO143670; VA MLO-740VA; MD 5762. Main Street Home Loans is a Division of NFM, Inc. NMLS 2893. NFM, Inc. is licensed by: DC # MLB2893; Virginia Mortgage Lender and Broker, Licensed by the Virginia State Corporation Commission # MC-2357; MD # 5330. For NFM, Inc.’s full agency and state licensing information, please visit www.nfmlending.com/licensing. NFM, Inc.’s NMLS #2893 (www.nmlsconsumeraccess.org). NFM, Inc. is not affiliated with, or an agent or division of, a governmental agency or a depository institution. Copyright © 2019.

 

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