DC Open Doors Down Payment Assistance
DC Open Doors is offered through the District of Columbia Housing Finance Agency. In addition to home loans, DC Open Doors also provides down payment assistance.
For qualifying borrowers with an FHA Plus Loan, DC Open Doors can provide up to 3.5% of assistance, and for those with an HFA Preferred/Advantage Loan, up to 3%. This is a non-amortizing loan with 0% interest that does not need to be paid back unless the property is sold, refinanced, or is no longer the applicant’s primary residence within 5 years after closing.
In order to qualify, an individual must have an annual household income limit less than $132,360 as of 2020. They must also have a minimum credit score of 640. For those with an FHA Plus Loan, the highest debt-to-income ratio allowed is 45%, and for those with an HFA Preferred/Advantage Loan, the maximum is 50%. If the applicant is a first-time homebuyer, they must also finish a homebuying education class before closing.