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DC Open Doors Expands Mortgage Offerings

  • March 1, 2016

by UrbanTurf Staff

DC Open Doors, the mortgage program that can provide down payment assistance for DC residents with an income of up to $125,580, expanded the mortgage products that it offers on Tuesday.

With the addition of the Freddie Mac HFA Advantage Program and Freddie Mac HFA Advantage Program with Down Payment Assistance Loan, the number of mortgage options that DC Open Doors offers has grown to six.

Outlined below are the minimum eligibility requirements for the two new loan products:

  • 97 percent loan-to-value and up to 105 percent total loan-to-value
  • $125,580 maximum income
  • 45 percent maximum debt-to-income ratio
  • Minimum 680 credit score for loan-to-value exceeding 95 percent
  • Minimum 640 credit score for 95 percent loan-to-value and below
  • Charter level mortgage insurance

This article originally published at http://dc.urbanturf.com/articles/blog/dc_open_doors_expands_mortgage_offerings/10934

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