Below are some of the most frequently asked questions we receive in regards to homeownership:
Purchasing a home is a big step. You will need a team of knowledgeable individuals to help you through the process of selecting your home, determining which mortgage loan best suits you, obtaining a mortgage loan, etc. A good place to start is a HUD approved housing counseling agency to learn more about the home buying process. Or, if you are ready to start shopping for a home, you will need to select a participating lender and a realtor.
For an estimate of what your monthly mortgage payment might be with one of our DC Open Doors mortgage loans, go to our mortgage calculator and enter in your specifics. Your next step should be to contact one of our participating lenders who can determine what mortgage loan products you might qualify for.
Your required minimum down payment will depend upon your home purchase price and your mortgage loan product. Some mortgage loan products require a minimum of a 3.00% down payment, while others require 3.50% and some even require 5.00%. Our participating lenders will help you determine how much of a down payment you will need. DC Open Doors offers down payment assistance loans for qualifying borrowers who use our mortgage products. You may also be eligible for down payment assistance from the Department of Housing and Community Development’s Home Purchase Assistance Program (HPAP).
DCHFA encourages homebuyer education and it is required for some of our mortgage loan products. Homebuyer education must meet the National Industry Standards for Homeownership Education and Counseling in order for it to be acceptable for a DC Open Doors mortgage loan. Please contact a HUD approved housing counseling agency for more information on homebuyer education.
No, it does not. Purchasing a home with a DC Open Doors mortgage product should not add any additional time to your home purchase process. In fact, DCHFA monitors its lenders very carefully to ensure loans are processed as quickly as efficiently as possible.
Borrowers approved for a DC Open Doors down payment assistance loan (DPAL) will receive a Borrower Commitment Letter. If you are not sure if your lender has reserved a mortgage loan for you under DC Open Doors, contact your lender to verify or feel free to contact us directly at 202-777-1600.
You can purchase a home in any neighborhood, area, or Ward of Washington, DC using DC Open Doors. However, DC Open Doors can only assist applicants on homes within the District of Columbia.
Yes, DC Open Doors can finance the purchase of an affordable dwelling unit (ADU).