Washington DC home buyers now have a new down payment assistance resource when purchasing a home thanks to the District’s new “DC Open Doors” program. The program is open to first-time home buyers, step-up buyers, and existing homeowners with a maximum income $123,395.
Coming up with the down payment needed to purchase a home can be a challenge for many buyers. DC Open Doors helps bridge the financial gap by offering a down payment assistance program and home purchase loans for qualified applicants. (Borrowers must have a minimum credit score of 640.) Buyers can finance up to 100% of the purchase price and there is no purchase price limit. With DC Open Doors, home buyers need only pay their closing costs, which are typically about three percent of the cost of the property.
Home buyers must work with one of the participating lenders:
- Prosperity Mortgage
- George Mason Mortgage
- First Home Mortgage
- Industrial Bank
- Real Estate Mortgage Network
- Wells Fargo Bank
Currently, DC Open Doors offers its down payment assistance loan at a 0% interest rate and it is non-amortizing so you are not required to make monthly payments on it. The loan is only repayable if you sell or refinance your home, or if you no longer occupy it as your primary residence. Conventional and FHA financing options are available. DC Open Doors can also be used in conjunction with any of DC’s other down payment programs (i.e. HPAP, EHAP, NEHAP, Live Near Your Work, etc.).
For more information on DC Open Doors or to begin your home search, please contact me at 703-963-0142 or firstname.lastname@example.org.