District of Columbia Mortgage Review Worksheets
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How to fill out Mortgage Review Worksheets?
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FAQ
Eligibility. Your household must meet the income requirements. Households that make 50%, 60%, or 80% of the Median Family Income (MFI) may be eligible for IZ units and households that make 30%, 100% or 120% of the MFI may still be eligible for other non-IZ affordable units.
The minimum credit score to buy a house in District of Columbia is 580. Borrowers will a lower credit score of 500 to 579 may also be eligible for select mortgage lenders.
Be a very low--to-moderate income resident, based on the Department's standards. Cannot have had ownership interest in any residential real estate within the three years prior to application. The purchased home must be the borrower's primary residence and must be located within the District of Columbia.
640 minimum credit score. Maximum 50 percent DTI ratio. No more than $154,800 in household income. No more than $565,300 home purchase price.
To be considered eligible, a family's gross income may not exceed 50% of the local median family income. The local median family income for a family of four in the Washington, D.C. Metropolitan Statistical Area is $107,500. Interested participants must complete an application for Housing Choice Voucher housing.
The Mortgage Credit Certificate (MCC) provides an additional incentive for first-time homebuyers to purchase a home in the District of Columbia. An MCC provides qualified borrowers the ability to claim a Federal Tax Credit of 20 percent of the mortgage interest paid during each calendar year.
