DC Open Doors
Down Payment Assistance
We know your biggest obstacle to a home purchase can be the required minimum down payment so DC Open Doors offers a Down Payment Assistance Loan (DPAL) that bridge the financial gap between the purchase price of your home and your first trust mortgage loan. If you qualify, you can obtain a DPAL for the full amount of your required minimum down payment, substantially reducing your upfront out-of-pocket expense. Currently, DC Open Doors offers its DPAL in the form of a deferred 0% non-amortizing (no monthly payments) loan that is due a payable upon any one of the following: thirty (30) years from the date of loan closing; 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.
Eligibility & Requirements
- Open to both first-time and repeat homebuyers
- Open to all neighborhoods and wards
- Open to both residents and non-residents of DC
- Minimum credit score of 640
- Maximum income of $151,200
- Income is based on BORROWER’s income ONLY (not household)
- Maximum debt-to-income (DTI) ratio of 50% (max DTI for FHA loan is 45%)
- Rates quoted with 0 points
- $510,400 maximum 1st trust loan
- No maximum sales price limit
*Subject to change without notice
DC Open Doors hosts two monthly homebuyers’ informational sessions at DCHFA’s headquarters along with a participating lender and realtor. The FREE sessions take place on the first and third Wednesdays of each month, unless indicated in the schedule below. During the session the process of buying a home is explained from the perspective of the duties of a lender and the job of a real estate agent; combined with how the DC Open Doors program works within the overall home purchasing context. Our lending partners along with their real estate partners also host FREE seminars that take place outside of the Agency and feature DC Open Doors. All upcoming events can be viewed on the calendar below.
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