The average loan amount for the program is $274,425, and the average income of participants in the program is $80,862.
DC Open Doors is designed to help buyers who have good income and good credit but have been unable to save enough money for a down payment. It is not limited to first-time buyers.
Borrowers must be able to qualify for a mortgage under the guidelines established by the Federal Housing Administration (FHA) or by Fannie Mae.
In addition, loans are limited to buyers with a household income of a maximum of $125,580, a minimum credit score of 640 or 680, depending on the loan program, and a 45 percent debt-to-income ratio, which compares the minimum monthly payment on all your debts, including your housing payment and your gross monthly income.
Borrowers can receive down payment assistance in the form of a forgivable loan of up to 3 percent or 3.5 percent, depending on the loan program.
Michele Lerner is a freelance writer. To pass on a tip or news item, contact us at firstname.lastname@example.org and put “Town Square” in the subject line.