Do you have the income and credit to buy a home, but haven’t saved the cash for a down payment yet? DC Open Doors may be the answer. The program provides fully-forgivable loans for minimum (3-5%) down payments and access to below-market interest rate loans. This equates to essentially 100% financing. There are a few requirements listed below, but this program has already helped over 500 buyers in the first 3 years of operating the program.
Program Qualification Highlights
- Can have an income of up to $125,580
- Good Credit >640
- Not required to be a first time homebuyer
Best of all, the down payment loan is offered at 0% interest and is forgiven at 20% a year for 5 years. As long as the buyer makes payments on time and continues to occupy the property as their primary residence, the down payment loan is completely forgiven after 5 years! If a buyer decides to sell before the 5 years are up, they just pay off the remainder of the 0% interest loan along with the underlying mortgage. This great program is designed to help DC residents afford to stay in the city when they are ready to buy. If you are interested in learning more about this or other resources available to buyers, please contact us. We are always happy to walk you through your options.