Great news for DC realtors looking for their next round of home buyers. The city’s popular $0 Down Payment Program has raised the income limits for the program to $140,640 for qualified home buyers.
The program is alive, funded and well, and has just made the $0 Down financing loan even more available to the DC public.
If you’re a realtor and not familiar with this program, call 202.335.2201 for an introduction to the loan and how to take advantage of it. More info is also available at http://dchfaopendoors.com.
DC Open Doors is a forgivable down payment assistance loan that the District Housing Finance Agency (DCHFA) issues to eligible home buyers meeting income and credit score criteria. “Forgivable” loans do not need to be paid back – the loan in this case is a 5 year Down Payment loan that is up to 3.5% of the home’s purchase price. You never make a payment on the loan and the balance reduces by 20% per year automatically for the first 5 years you live in the home. After 5 years, your down payment loan is automatically at a zero balance due. The only requirements is the home must remain your primary residence during those 5 years.