Are you worried about the cost of a down payment on buying a property in Washington, DC? Well, there is a new initiative called the DC Open Doors Program that could be a huge help. It is open to anyone with a total income of less than $123,295, and all District neighborhoods are in play. DC realizes that the housing market has skyrocketed and the cost of making a down payment has become out of reach for many of those with a decent income. While DC Open Doors can help lower income buyers, it is just as geared towards helping middle income buyers with their down payments for FHA (Federal Housing Administration) loans. In addition to the salary cap, you must also have a credit score of 640 or above and not currently own a property, although it is not just for first-time home buyers. The maximum amount of the loan is $417,000, with no points, although the price of the property can be more than that. DC Open Doors Program also offers 100% financing and 3% down payment assistance. There are also the optionsfor reduced mortgage insurance and up to 3% of allowable sellers’ credits. For more information, please contact us or feel free to reach out to one of our preferred real estate lenders, Graham Pruitt, at gpruitt@firstsavings.com or 202-543-6830.
