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"DC Open Doors" pays your Down Payment for you on a home purchase in DC. The money does not have to be paid back. You must have:
  • Less than $125,580/year in income
  • Have fair to good credit (660+)
UrbanLand Company Agents have over $38 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
The Virginia Housing Development Authority (VHDA) pays your Down Payment when you meet certain criteria. The money does not have to be paid back. You must have:
  • Less than $97,520/year in income (1-2 person households)
  • Less than $113,840/year in income (3+ persons)
UrbanLand Company Agents have over $38 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
The Maryland Mortgage Program loans you up to $8,500 in Down Payment Assistance. There's additional incentives from specific Maryland employers + great student loan incentive programs.
  • Incomes lower than $88,400 for 1-2 person households are eligible
  • Incomes between $88,400 & $128,760 may be eligible, based on county
UrbanLand Company Agents have over $38 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
 

Real Estate

First Time Buyer Mortgages: What Does a $0 Down Mortgage “Cost”


Lots of questions come in from our Free Home Buyer Workshops regarding which mortgage to choose and how it works. A lot of the focus is always on the real costs of a $0 Down Payment home mortgage like the ones offered by DC Open Doors.

With DC Open Doors, the city’s Housing Finance Agency pays your Down Payment if you make less than $132,650 per year and have decent credit.  The loan is often used in conjunction with an FHA 3.5% Down Payment mortgage (DC Open Doors pays the 3.5% Down required).

If you’re planning on using DC Open Doors or a similar $0 Down Payment or low Down Payment program, you’re going to see a slightly higher interest rate and other fees.  We used a $300,000 home purchase with a 3.5% Down Payment ($10,500) paid for by the city. Your financed amount is only $289,500. Hit the Calculate button to see the numbers!

Meet a Realtor & Start Your Home Search!

Your core mortgage payment here is $2,036.61 using the $0 Down Payment loan. The monthly payment is higher than other mortgages, but you have to pay no down payment. Also, the $24,439.32 you pay for that year of mortgage payments goes toward your home loan and interest, not into your landlord’s bank account!

Want to get started on buying a home? We do regular tours of area homes & Open Houses, typically on Sundays. We also offer Agent-Directed Home Search, where we find exactly what you are looking for. We are full-time active real estate agents that know the DC and surrounding markets inside & out.  Just ask for Financing Help or to Meet an Agent and we’ll get you started!

Want to learn more live? Visit one of our Free Home Buyer Workshops at our NW DC offices!

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