Homeownership

DC Open Doors

In order to qualify for DC Open Doors, you must meet the minimum requirements below:

Borrower Qualifications

• Borrower does not need to be a first-time homebuyer (cannot own any other property at time of settlement)
• Borrower income may not exceed $199,200 (not based upon household income)
• Minimum Credit Score of 640

Property Qualifications

• Single Family Detached, Attached (town house/row house), Condominium and 2-4 Unit
• Coops not allowed

DC4ME

Eligibility:

• Must be a first time homebuyer, having had no ownership interest in a primary residence during the most recent three year period and no ownership interest in any property of any type at the time of settlement.
• At least one borrower must be a current full-time District Government employee, including employees of District Government-based Instrumentalities, Independent Agencies, District of Columbia Public Charter Schools, and Organizations, provided the applicant/borrower’s employer falls under the oversight of the Council of the District of Columbia.  (added hyperlink of the agency list

Program Requirements:

• Maximum household income may not exceed 120 percent Area Median Income (AMI) as published by DCHFA
• Loan amount may not exceed $726,200
• Sales price may not exceed $565,300
• Borrower must have a minimum credit score of 640
• Borrower may not have a Debt to Income ratio that exceeds 50 percent
• At least one borrower must take a Homebuyer Education Class

Home Purchase Assistance Program (HPAP)

In order to qualify for HPAP, you must meet the requirements below:

• Applicant(s) must be a first-time homebuyer (may not have had an ownership interest in a primary residence within the three years prior to application).
• Household income must be within the very low-to-moderate income level, based on DHCD’s standards.
• The home being purchased must be for the borrower’s primary residence and must be located within the District of Columbia.
• Possess a good credit rating.

Mortgage Credit Certificate (MCC)

In order to qualify for the MCC, you must meet the minimum requirements below:

Borrower Qualifications

• Borrower must be a first-time homebuyer
  • May not have had an ownership interest in a primary residence during the past 3 years
    • Exception for residences purchased in Targeted Area or Veteran’s utilizing a one-time exception
• Income limits and maximum sales price varies based upon household size and location of property
• Must include household income in maximum income limits (see additional resources for more information)

Additional Resources

• MCC Income and Sales Price Limits
• MCC Targeted Areas

Property Qualifications

• Single Family residences only to include detached homes, townhomes and condominiums (no 2-4 units or coops – see additional resources for more information)
• Located within the District of Columbia

ReMit

Eligibility:

Qualified homeowners are persons who are at risk of foreclosure, meaning:

• The reverse mortgage lender has issued a legal notice that the homeowner is in default due to failure to pay property taxes or insurance premiums
• The homeowners and reverse mortgage lenders entered an agreement to pay past due balances, but the homeowner has demonstrated difficulty in doing so

Borrower Qualifications:

• Must be a District resident/homeowner
• Residence must be secured by a Reverse Mortgage in borrower’s name
• Subject property must be primary residence located in the District
• Have an annual income to not exceed $77,540 (subject to change)
• Be “at risk” of foreclosure due to unpaid property taxes/homeowner’s insurance
• Must demonstrate ability to sustain future tax and insurance payments, as required

HomeSaver

There are two parts of the HomeSaver Program – the Mortgage Assistance Program and the Restore Assistance Program. To learn more about the eligibility requirements of either, please visit the HomeSaver Page.