Loan Options

DC Opens Doors & HPAP

If you are thinking about purchasing a primary residence in Washington D.C., one of these programs could be a good fit. The DC Housing Finance Agency and The DC Department of Housing and Community Development have developed these programs to assist potential homebuyers in purchasing a home in Washington DC.

DC Opens Doors

The DC Housing Finance Agency’s DC Opens Doors1 makes homeownership in Washington, DC affordable by offering qualified buyers home purchase loans and down payment assistance. This program has income and credit guidelines established by the DC Housing Finance Agency. It is not restricted to first-time homebuyers. DC Opens Doors provides financing for both single-family homes and condos.

DC Opens Door Down Payment Assistance Loan

One of the biggest obstacles to a home purchase can be the required minimum down payment so DC Opens Doors offers a Down Payment Assistance Loan (DPAL) bridge the financial gap between the purchase price of your home and your first trust mortgage loan. If you qualify, you can obtain a DPAL for the full amount of your required minimum down payment, substantially reducing your upfront out-of-pocket expense. Currently, DC Opens Doors offers its DPAL in the form of a deferred 0% non-amortizing (no monthly payments) loan that is due and payable 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, or refinancing your first trust mortgage.

Home Purchase Assistance Program (HPAP)

The DC Department of Housing and Community Development’s Home Purchase Assistance Program2 program provides interest-free loans and closing cost assistance to qualified applicants to purchase single family houses, condominiums, or cooperative units. The loan amount is based on a combination of factors, including income, household size, and the amount of assets that each applicant must commit toward a property’s purchase. The loan is subordinate to a private first trust mortgage.

The HPAP 0% interest loan for borrowers with incomes below 80 percent of the area median income (AMI) is deferred until the property is sold, refinanced to take out equity, or is no longer their primary residence. Moderate-income borrowers who earn between 80 percent and 110 percent AMI will have payments deferred for five years with a 40 year principal-only repayment period.

The maximum first trust loan amount cannot exceed $647,200, the conventional conforming loan limit.

Contact a George Mason Mortgage Loan Officer with questions and to find out if one of these programs might be your key to homeownership in Washington DC.

1. & 2. These products are subject to availability. Contact your George Mason Mortgage loan officer for more information.
George Mason Mortgage is not endorsed by, sponsored by, or affiliated with any government agency or program.

Get Started on Your Journey Home
Knowledge Base

What Is A Mortgage Recast?

You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called …

How Do Down Payment & Closing Cost Assistance Programs Work?

Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always …

dave-stevens-market-update

Supply and Demand – An Important Understanding To What’s Driving 2022

Supply and Demand, a market concept that many of us studied in our first economics classes back in college. But never has this foundational economic …

FHFA 2021 Announcement

FHFA Announces Conforming Loan Limits for 2022

Baseline Conforming Limit Will Increase to $647,200 FHFA Announces Conforming Loan Limits for 2022 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance …

dave-stevens-market-update

Why Slowing Home Price Appreciation Is Good For Buyers And Sellers

Many forecasters are calling for slower home price appreciation (HPA) and that is a very good thing. As Core Logic reported recently, home prices rose …

Home Inspections

Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for …

10 Homebuying Terms Everyone Should Know

Here is a list of frequently used homebuying terms and their definitions. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage is a type of …

What Is Commonly Negotiated When Buying A Home?

With homebuying, everything is negotiable, from repairs and closing costs to furniture and appliances. Offers and counteroffers can negotiate on a mix of these factors. …

7 Ways to Stand Out as a Potential Homebuyer

7 Ways to Stand Out as a Potential Homebuyer

With rates near all-time lows, the housing market is buzzing with potential buyers! Low rates mean more affordable payments or more home for your money, …

Virginia Housing Update

Virginia Housing (formerly referred to as VHDA) offers affordable loan programs for Virginians. With the update of Income and Sales Prices in addition to an …

5 Tips for Making an Offer on a Home

1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red …

Get Your Cash Back

Paying cash for a home has benefits. Take advantage of being a cash buyer to give the seller confidence the transaction will close quickly and …

The Lowdown on Down Payments & Mortgage Insurance

The Lowdown on Down Payments & Mortgage Insurance

Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR …

9 Tips for Purchasing Your First Home

9 Tips for Purchasing Your First Home

Beginning the home buying process can be a very exciting, yet nerve-wracking experience for anyone starting off. These tips will help answer some questions to …

Home Improvement Projects with the Best ROI

Whether you’ve purchased a fixer-upper or are thinking about selling your home in the near future, it’s important to determine which renovations or upgrades can add value to your property.

dave-stevens-market-update

A Robust Housing Market For Years To Come

Two questions continue to be asked of me. The first is, should I worry about rising prices and wait for the market to slow? The …

Homebuyer Options

Homebuyer Options

Low Down Payment Programs & Grants George Mason Mortgage has the program options to fit your story and our experienced mortgage professionals will help find …

Moving Checklist

Moving Checklist

6-8 Weeks Before Moving Budget for moving expenses and obtain estimates from moving companies Call insurance companies to identify record changes Cancel or transfer gym, …

GMM Connect Background

ICE Mortgage Technology Case Study

In an effort to improve the mortgage lending experience, Fannie Mae and Freddie Mae required significant changes to the Uniform Residential Loan Application (URLA) used …

Refinancing 101

Refinancing 101

Rates have hit an all-time low and have left homeowners scrambling to refinance their mortgages. You have most likely heard in casual conversations with friends …

Your Journey Home

Knowing the path will travel together helps the journey go more smoothly. We have outlined some important highlights so you know what to expect along …

Homebuyer Tips

Our goal is to make your home buying experience as smooth as possible. We have highlighted some best practices to help keep your finances in …

Getting Started

Whether you are buying your first home, right-sizing now that the kids are gone, navigating the jumbo luxury market, renovating your home, or working with …

Choosing The Right Down Payment

A down payment is the amount you pay toward the home yourself. You put a percentage of the home’s value down and borrow the rest …

Scroll to Top