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    DC Open Doors: A New Homebuyer Program

    We’re excited to announce that DC has launched a new program to help buyers in the District reach their goals of homeownership. On May 15, 2013, the DC Housing Finance Agency announced the creation of DC Open Doors.

    dc-opendoor-color-550DC Open Doors offers various loan products (both FHA and Conventional) and down payment assistance in the form of a second trust loan which is deferred and forgiven after 5 years. Regardless of the size of the household, total household income may not exceed the very generous maximum amount of $123,395 and the maximum loan amount may not exceed $417,000. Buyers must attend a homebuyer training, but there is no minimum financial contribution required. Important to note is that there is no separate home inspection process. The property must still meet the conditions of the first trust lender however; and the program cannot be used together with renovation financing.

    This is a fabulous opportunity for buyers who may not qualify for other down payment assistance programs because their income is too high or they are not first time buyers, but who do not have enough money saved to cover all of the down payment and closing costs associated with the purchase of a home. For more information, visit the DC Housing Finance Agency website for more information including participating lenders.

    Alex Jaffe, loan officer with the participating lender First Home Mortgage, provides a video summary of the program with information we hope you find helpful.

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