100% Financing is Back!
Buying a home in Washington, DC has never been more affordable thanks to a new program from the DC Housing Finance Agency (DCHFA) called “DC Open Doors”.
DC Open Doors makes homeownership possible by offering home loans and down payments assistance to qualified buyers purchasing in the District of Columbia. The program allows for both FHA and Conventional financing with down payment options of 3– 3.5%.
The biggest obstacle to purchasing a home is typically coming up with the down payment. This program helps fill that void enabling people working in DC or who wish to live in the city the ability to purchase NOW.
DCHFA provides the homebuyer with the down payment in the form of an interest free loan that is forgiven over a 5 year period. There are no monthly payments during the loan period. Every year 20% of the loan is forgiven essentially converting the loan to equity. This is FREE money!
The beauty of this loan program is it appeals to a much larger demographic than most “first time homebuyer programs”. Not only are the income limits much higher, but you can purchase anywhere in the city and repeat buyers are OK as well.
Major benefits include:
- Income limit up to $123,395
- Minimum credit score 640
- No geographical restrictions, purchase anywhere in the city
- Single Family, Townhomes and Condo’s OK
- Maximum loan amount $417,000
- Not limited to first time homebuyers
This is an amazing program where you can truly purchase a home with zero money out of pocket. The process is simple, quick and you can be in your new home in less than 45 days. If you are interested in learning more about this great opportunity, please give me a call.