DC Open Doors
Zero down payment purchase financing in Washington DC that most people qualify for. And it’s easy!
New income cap for 2024: $199,200 (based on applicant qualifying income, not household income).
Maximum loan amount for 2024 $766,550
New as of November 1 2024: DC Open Doors down payment assistance is 10% of the purchase price until funds exhaust!
New as of October 11 2024: DC Open Doors now allows you to own one other residential property!
The DC Open Doors loan provides zero down payment financing to purchasers in Washington DC. The program lends the required down payment to the purchaser, which is eventually repaid (with no interest due) when the homeowner sells, moves out, or refinances their mortgage. This down payment assistance is paired with a mortgage at an interest rate set by DC and published daily here.
Also, on the conventional DC Open Doors Program, the purchaser is eligible for a reduction in their mortgage insurance payments! MI reduction is applicable if your income is under 80% of area median income, which in 2024 is $122,320
New in September 2019: Prior to September 2019, the down payment assistance loan was forgiven after 5 years residency. The down payment assistance is now repaid when you sell, move out, or refinance, or in 30 years whichever comes first.
Typically the first step is setting up an initial phone call to review available loan programs and your basic finances. The goal is to establish the best financing structure for your purchase and determine an appropriate price range for your search. You’re welcome to set an appointment with me by clicking this link: Calendly
Pre-Qualify Now: https://ajaffe.firsthome.com/startapp
ajaffe@firsthome.com 240 – 479 – 7658
For the conventional DC open doors loan, there is a first time buyer class requirement. You may complete it here: https://creditsmart.freddiemac.com/paths/homebuyer-u/
The city also offers the DC4Me program which is a part of the DC open doors program, and is for DC government employees, and reduces the interest rate of the DC open doors loan. DC4Me qualifies based on the income of all people who’ll occupy the property and the income cap on it is also $199,200.
Pictured: Me ten years older with my key to the city (for financing the first DC open doors loan) and the Legends award I just received at the 10 year anniversary party at the MLK Library rooftop (June 2023) for financing the most loans out of the thousands of loan officers at over 65 participating lenders. I love what I do and am proud of my career & expertise, but it’s this work of which I am most proud: helping first time buyers in DC buy with down payment assistance. I’ve financed 15% of all DC Open Doors loans, my branch 45%!