DC Open Doors

DC Open Doors makes homeownership in Washington, D.C. affordable by offering qualified buyers home purchase loans, down payment and closing cost assistance. The program offers deferred repayable loans for a homebuyer’s minimum down payment requirement in addition to below-market interest rates for first trust mortgages for the purchase of a home in the District of Columbia. Qualified first-time and repeat homebuyers are eligible for the program. You can access DC Open Doors by working with one of our participating lenders who offer our mortgage loan products. Our participating lenders handle the entire mortgage loan process from application to settlement.

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

• Open to both first-time and repeat homebuyers
• Open to all neighborhoods and wards
• Open to both residents and non-residents of DC

Program Requirements*

• Minimum credit score of 640
• Maximum income of $199,200
  • 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%. Max DTI for FHA loans with a 680 credit score is 50%)
• Rates quoted with 0 points
• $766,550 maximum 1st trust loan
  • No maximum sales price limit

*Subject to change without notice