Last week, we wrote about a new program from DC’s Housing Finance Agency that targets higher income home buyers. In short, DC Open Doors is a mortgage program that offers down payment assistance of up to 3.5 percent of a home’s purchase price for those with an income up to $123,395.
A few of commenters had follow-up questions about the program, so we reached out to Carisa Stanley, HFA’s Director of Single Family Programs for answers.
AC asked: Can you use the 3.5 percent in addition to your own money for a down payment or only the 3.5 percent?
Answer: This is a decision best made by a borrower consulting with one of our approved lenders as there are a number of different purchasing scenarios. For example, a borrower could use the down payment assistance from DC Open Doors and use their own money for closing costs.
Francisco asked: Does anybody have any insight as to how long this program will run?
Answer: DCHFA has a steady source of continuous funding to help as many people own homes in DC as possible.
Barak Sky asked: Do they average the last two years of your income to get $123k?
Answer: No. Income is based on what is documented at the time of application. An approved lender can help walk through this.
Shaw Resident asked: Is there a cap on the amount of assets you can have to qualify?
Answer: DC Open Doors only requires that you meet its income cap of $123,395; however, each loan will be fully underwritten by an approved lender per FHA or Fannie guidelines.
This article originally published at http://dc.urbanturf.com/articles/blog/downpayment_assistance_for_higher_income_buyers_a_few_follow-ups/7343
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The seven-bedroom home hit the market on Friday and was under contract by Sunday.... read »
Loan recasting is a growing practice- so what is it?... read »
The 25-acre array will produce a quarter of the university's current annual energy co... read »
This year will likely go down as the year that prices for houses in DC reached new he... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The 12,000 square foot replica of 1600 Pennsylvania Avenue went under contract last w... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro