What is the DC Open Doors Program?
The DC Open Doors program was created to make homeownership in the Washington, DC area more affordable through loans and down payment assistance. Both qualified first-time and repeat buyers are eligible for the program. First Savings Mortgage is a lender that works with the DC Housing Finance Agency that offers the complete variety of loan products from the DC Open Doors Program.
What are the benefits about the DC Open Doors Program?
One of the biggest challenges of purchasing a home can sometimes be all the out-of-pocket expenses. Down payments and closing costs alone, can deter families from looking to buy a home. With DC Open Doors, First Savings Mortgage can offer down payment assistance loans (DPAL) that can aid in taking this obstacle away. In most cases, for these DPAL's, you do not have to make monthly payments on the loan and you repay the loan when you sell or refinance your home.
Are you eligible for DC Open Doors?
You may be eligible for DC Open Doors based on the following:
- You are either a first-time homebuyer or a repeat homebuyer
- You are a resident or non-resident of DC
- You have a minimum credit score of 640
- You meet the necessary income eligibility requirements
There are may be additional requirements depending on your unique lending needs. To properly determine if a DC Open Doors loan is right for you, talk to one of our loan officers. They will walk you through the entire process.
If you'd like to learn more about DC Open Doors, the DC Housing Finance Agency hosts free informational sessions every month. To attend the next session, take a look at their events calendar.