Each day, you work hard with the intention to make life better for yourself and your family. You save little by little to fulfill your dream of own a home someday. But do you want to be 50 by the time you have your own house?
One of the best ways to invest in your future is to have home ownership today. It would improve the quality of your life today, and tomorrow. According to experts, home ownership can produce powerful economic, social, and civic benefits that serve the individual homeowner, the larger community, and the nation. Mortgage interest rates continue at historic lows and there is no better time to purchase a home in Washington, DC, one of the greatest American cities, than now.
What is the DC Open Doors Program?
The DC Open Doors Program makes homeownership in Washington DC affordable by offering qualified buyers home purchase loans and down payment assistance. We know one of the biggest obstacle to a home purchase can be the required down payment so they now offer down payment assistance that bridge the financial gap. The DC Open Doors loan provides zero down payment financing, and superior loan terms, to purchasers in Washington DC. The program provides the down payment to the purchaser as a forgivable loan, which after living in the property for five years, does not need to be repaid.
Also, on the conventional DC Open Doors Program, the purchaser is eligible for a reduction in their mortgage insurance payments! This can mean that it provides the best loan terms for any purchaser in Washington DC putting less than 20% down. These are also interest free loans as of May 2017, meaning that the interest rate is 0% for all borrowers.
The maximum borrower income for all DC Open Doors loan programs is now $132,360 widening the range buyers that may qualify for the DC Open Doors loan program. The improvements they are introducing deliver to ensure safe and affordable housing for more Washingtonians. The council's proposal seeks to benefit not only buyers who've never owned a home, but people purchasing a principal residence in the city for the first time regardless of whether they have owned property elsewhere.
How can you qualify for DC Open Doors?
- You must fall under the program’s maximum limit (for the most accurate limit, please discuss with a Loan Officer)
- You must have a good credit score
- If you are a first time homebuyer, you must also complete a pre-purchase homebuyer education course
- Reach out to an expert Loan Officer for any other requirements that could be needed to qualify for the DC Open Doors program
How do you apply for DC Open Doors?
In order to apply to the DC Open Doors Program, you’ll need to reach out to an approved lender like First Savings Mortgage. Set up some time with an expert Loan Officer to discuss more about the program or to simply walk you through the application together.