Buying a Condo with DC Open Doors

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Washington, DC is a very expensive city to live in. One of the most expensive in the country. That’s the not so good news. The very good news is that owning a property in the District is a very valuable piece of real estate.

buying a condo

If you are just getting started on homeownership journey, you may be considering purchasing a condo.

The District of Columbia Housing Finance Agency, or DCHFA, offers several programs designed to help homebuyers. One of the most popular programs is DC Open Doors.

The DC Open Doors Program offers conventional and FHA mortgages at below-market interest rates. Qualified borrowers can also get down a zero-interest non-amortizing (no monthly payments) down payment assistance loan (DPAL).

The DC Open Doors DPAL is available to all homebuyers that qualify under the DC Open Doors Program through a Participating Lender. Eligible borrowers may borrow up to 3% of the purchase price for conventional Loans or 3.50% of the purchase price for FHA Loans.

This zero payment loan is not due until one of the following:

  • Thirty (30) years from the date of loan closing
  • Sale or any transfer (by gift or otherwise) of the property to another person, business, or entity
  • Property ceases to be your principal residence
  • Refinancing your first trust mortgage

The new maximum loan limit for DC Open Doors is $510,400

DC Open Doors Conventional/FHA

Maximum Borrower Income$151,200
Maximum Sales PriceN/A
Maximum Loan Amount$510,400

There are several eligible property types with the DC Open Doors Program including single family detached or semi-detached, townhomes and of course condos. (Coops are not eligible for the program.)

Purchasing a Condo w/ DC Open Doors

It is very simple to use DC Open Doors for a purchasing a condo in the District. One thing you should know– it is very likely you will need to use a conventional loan to purchase a condo in Washington. DC.

Why? Most condos in the District are not FHA insured properties. Therefore, FHA loan financing is not possible. But, its no problem to get conventional loan financing.

As of 09/17/2020, the HFA Conventional rate w/ DPA > 80% AMI is 3.875%

Contact Us

Want to find out more about using DC Open Doors to purchase a condo. Contact us or complete the DC Open Doors Questionnaire.

DC Open Doors, Dana Ash-McGinty

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About Dana Ash-McGinty 179 Articles
Dana Ash-McGinty is the Principal Broker of ASH | MCGINTY, a Washington, DC Real Estate Brokerage. This real estate maven has 15+ years experience in residential, commercial and land sales in addition to multi-state residential renovation, re-zoning, and condo conversion projects. A sought after real estate authority, she has been featured on CNN and in various real estate and financial publications. Dana is married to the highly esteemed Dr. Dana W. McGinty, a Washington, DC based internal medicine physician. They are often referred to as "The Danas".

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