DC Open Doors announces .25% rate reduction
DC Open Doors http://www.dchfa.org is now offering a .25% rate reduction on its loans with down payment assistance. This is terrific for some buyers who are interested in the program but some restrictions apply. This loan program is called the Mortgage Revenue Bond program, because it is funded by the sale of tax-free bonds.
To qualify for this .25% reduction, there is additional documentation and scrutiny the buyer must go through. Unlike a typical DC Open Doors loan, this program counts qualifying income based on household income rather than borrower income, at a cap of $123,395. Also, unlike the DC Open Doors loan which has no restrictions on prior ownership of real estate, in order to get the .25% rate reduction the buyer has to have not owned any real estate in the past three years. This is unless the buyer is purchasing in a targeted area, in which case the three year restriction doesn’t apply.