by Nate Ward
on Sunday, July 9th, 2017 at 12:27pm.
DC Open Doors Program offers first-time and repeat home buyers a Down Payment Assistance Loan that does not need to be paid back.
DC’s Housing Finance Agency, or the DCHFA, reconfigured its DC Bonds program called “DC Open Doors,” for new first time home buyer assistance, four years ago this summer. The program, which has given over $200 million in down payments for homes in the city, is now even more accessible. Those working in DC who want to live downtown but have trouble making the down payment can utilize this program.
The program and its funding are available to first time home buyers and repeat home buyers. The DC Open Doors Program is constructed around what’s called a “Down Payment Assistance Loan,” one that doesn’t have to be paid back. The Down Payment Loan’s balance lessens the balance by 20 percent each year for a term totaling five years, which would end in zero balance due.
The average loan for the program is $274,425, according to The Washington Post. The average income of those who choose to participate is almost $90,000 per year.
In order to use the Down Payment Assistance Program, there is a small checklist to remember. One doesn’t necessarily need to live in DC but you’ll need to find a home or condo in DC that you can qualify for with a DCHFA approved lender. You’ll need a real estate agent to help you search for a home and later work on the transaction. Finally, you also must earn under $131,040 per year and have a decent credit score of 660+.