Washington DC is the capital of the United States, and therefore is a political and business hot spot. It's no wonder, then, that it's a state with some of the highest median house prices and average mortgage debt in the country. This can make home ownership in the District of Columbia difficult.
Luckily, local and national programs exist that offer down payment assistance and grants to qualified applicants. The District of Columbia Housing Finance Agency is one organization that offers such programs.
If you're thinking about purchasing a home in the District of Columbia, you may have options to help with the down payment or closing costs. Click on any program below to learn more and see if it can help with your home purchase!
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 fall within specified annual household income limits. 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.