Downpayment Assistance for Higher Income Buyers: A Follow-Up Q&A

• July 22nd 2013

by Shilpi Paul

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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.production.logicbrush.com/articles/blog/downpayment_assistance_for_higher_income_buyers_a_few_follow-ups/7343.