Make Your Home Your Castle with the Open Doors Program DC
Home sweet home.
After a long, grueling day, it’s a relief to walk through the door to the peace and quiet of your home. It’s a jungle out there, but inside those four walls of your house, you’re still king of the castle. Cliché, I know. But there’s a lot of truth to it.
But only if you own your home, it’s hard to be the king of something you rent.
With a median home price of over $1,000,000, Washington, DC is one of the most expensive areas in the country (maybe the world) to buy a home. Yeah—tell me something I don’t know.
How about this: Washington, DC also has rent that is over $400 a month more than the US average and rent has increased by nearly 8% in the last three years. With vacancies low, upward pressure on prices is expected to continue.
Renting is no bargain either.
Open Doors with Open Doors Program DC
DC Open Doors in Washington, D.C. helps make homeownership affordable by offering qualified buyers home loans as well as down payment and closing cost assistance. The program offers loans for the buyer’s minimum down payment requirement and low-interest rates for first mortgages.
Both first-time and repeat homebuyers are eligible for the program. You must use a participating lender who offers mortgage loan products. The lender will guide you through the entire mortgage loan process from application to closing. A DC Open Doors loan takes about the same time to process as a regular loan, making sure there are no delays getting into your new home.
I’m Not a Rockefeller—Where is a Down payment Coming from?
We know the largest obstacle to buying a house is often the down payment. No worries. The Open Doors program offers a Down Payment Assistance Loan (DPAL) that bridges the gap between the purchase price of the house and the mortgage loan.
If you qualify, you can get a DPAL for the full amount of the minimum down payment, largely reducing your need for upfront cash. Currently, the DPAL is a deferred 0% loan.
The loan has no monthly payments, but is due with any one of the following:
- Thirty (30) years from the date of the loan closing.
- The sale or any transfer (by gift or otherwise) of the property to another person, business, or entity.
- Property ceases to be your principal residence or refinancing your first trust mortgage.
People making 50 percent or less of the Area Median Income (AMI) may receive $1,500 in assistance, and borrowers earning 80 percent or less AMI can receive $2,500.
The grant money must go towards the closing costs on loans only. Grants apply for certain loans with and without down payment help.
The Nitty Gritty
- The program is open to both first-time homebuyers and repeat purchasers.
- You may NOT own another property at the time of closing.
- Open to both current residents of DC and those living outside the district.
- Only homes inside Washington, DC are eligible. All neighborhoods and wards are eligible.
- Must have a minimum credit score of 640.
- Maximum income of $145,560 for the homebuyer. Total household income not included.
- $484,350 maximum loan amount.
- No maximum sales price.
- Single-family attached and detached homes, condos, and duplexes of 2-4 units are allowed. No co-ops.
We know to make a home your castle can confuse, frustrate, and be time-consuming. We’re here to explain and simplify the process. RSVP today for one of the home-buying seminars held throughout the week.
If you are out of town or unable to make one of our seminars, please contact our office for more information.