Wait! DC Open Doors Terms You Need To Know

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DC Open Doors is administered by the District of Columbia Housing Finance Agency (DCHFA).


The District of Columbia Housing Finance Agency was established in 1979 to stimulate and expand homeownership (and rental housing) opportunities in Washington, DC.

DC Open Doors (DCOD) is your key to homeownership. You are not required to be a first-time homebuyer to qualify for DC Open Doors. You must, however, be purchasing a home in the District of Columbia to qualify.

Financial assistance through DCOD is provided in the form of a deferred 0% non-amortizing (no monthly payments) loan that is due and payable only upon any 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

Now, let’s take a look below at some of the DC Open Doors terms you need to know.

DC Open Doors Terms

ACQUISITION COST – the sales price plus borrower-paid closing costs, discount points, repairs and rehabilitation expenses and prepaid expenses – see specific definition by product type (FNMA/FHA/FHLMC).

CO-SIGNER/CO-SIGNOR – a non-occupant who is co-signing the Note for a particular loan.

DCHFA – the District of Columbia Housing Finance Agency.

DTI – Debt-to-Income Ratio.

DPAL – Down payment assistance loan.

FHA – the Federal Housing Administration; typically referencing a FHA loan.

FHLMC – the Federal Home Loan Mortgage Corporation (“Freddie Mac”). 

FNMA – Federal National Mortgage Association (“Fannie Mae”).

LTV – Loan-to-Value Ratio.

MAXIMUM BORROWER INCOME – maximum permitted income as established by DCHFA for all borrowers signing the Note. Household income is not considered.

MORTGAGOR – the borrower(s) in a mortgage transaction.

NON-BORROWING CO-OCCUPANT – Any person aged 18 years or older who will occupy the property and will not be secondarily liable on the mortgage.

PARTICIPATING LENDER or LENDER – A lender that has been approved by DCHFA and the Master Servicer to originate, process, underwrite, close and fund mortgage loans under the DCHFA approved programs.

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About Dana Ash-McGinty 183 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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