DC HFA Open Doors

DC HFA Open Doors & MCC
Note – for details, see the Lender Manual under GUIDE & FORMS

PROGRAM FUNDS
  • Continuous Funding –
  • Reservation/Locks – AVAILABLE* from 10:00am-8:00pm Eastern (10-8 EDT)
    • * Market Business days (excluding weekends & holidays)
    • Other system functions are available 24/7
ELIGIBLE AREAS District of Columbia WARD & Census lookup can be located at http://dcatlas.dcgis.dc.gov/mar/
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY – REVIEW TIMELINE REQUIREMENTS!

  • DCHFA Detailed Timeline. Click to View.
  • Pre-Closing Package to DCHFA within 15 days of reservation
  • Close and Deliver post closing files to eHP and US Bank within 45 days of reservation
  • Reservation to Loan Purchase by US Bank: 70 days of reservation
EXTENSIONS
  • A one-time 30-day extension is available at 0.25% of the loan amount and an additional 20-day extension at 0.50% of the loan amount.
  • Extension fees are netted from the loan purchase price when loans are purchased by the Master Servicer.
  • To request an extension, Click here (Please provide reason & the new settlement date)
ELIGIBILITY CRITERIA
  • Non-First Time Homebuyer. See DC Open Doors Lender Manual.
ELIGIBLE LOAN TYPES
  • FHA, FHA 203 (ks),
  • Fannie Mae HFA Preferred
  • Freddie Mac HFA Advantage
DPA
  • DPAL Options: Offered only with PLUS Products. (See Rates Tab)
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Income.
  • Household income = Only Borrower(s) income
    • $132,360
LOAN AMOUNT LIMITS
  • Please note – you must follow Agency Guidelines (FHA, Fannie, Freddie) on all Loan Amounts.
HOME ACQUISITION LIMITS
  • $424,100
HOME BUYER EDUCATION
FICO/DTI REQUIREMENT
  • FICO – Mid score must be 640 or higher
  • DTI – Max DTI ratio is 45%
  • For borrowers with NO FICO score, manual underwriting is permitted, follow underwriting guidelines for product.
CO-SIGNERS
  • Not Permitted
FORMS AND DOCUMENTATION
  • DCHFA & eHP Online, once logged in to eHP system
THE AGENCY
MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance accessing the Servicer Lender Guides, Click here.
  • To contact US Bank Lender Help Desk, Click here.

 

Note-Program details are available in the Lender Manual
PROGRAM FUNDS
  • 3,750,000  MCC Allocation
ELIGIBLE AREAS District of Columbia WARD & Census lookup can be located at http://dcatlas.dcgis.dc.gov/mar/
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY – REVIEW TIMELINE REQUIREMENTS!

  • DCHFA Detailed Timeline. Click to View.
  • Pre-Closing Package to DCHFA within 15 days of reservation
  • Close and Deliver post closing files to eHP and US Bank within 45 days of reservation
  • Reservation to Loan Purchase by US Bank: 70 days of reservation
EXTENSIONS
  • A one-time 30-day extension is available at 0.25% of the loan amount and an additional 20-day extension at 0.50% of the loan amount.
  • Extension fees are netted from the loan purchase price when loans are purchased by the Master Servicer.
  • To request an extension, Click here (Please provide reason & the new settlement date)
ELIGIBILITY CRITERIA
  • First Time Homebuyer.  See DC Open Doors Lender Manual.
ELIGIBLE LOAN TYPES
  • FHA, FHA 203 (ks),
  • Fannie Mae HFA Preferred
  • Freddie Mac HFA Advantage
INCOME LIMIT CRITERIA
  • Household income = all household members 18 & older
    • 1 or 2 Person Household: $132,360
    • 3 or more Person Household: $154,420
HOME ACQUISITION LIMITS
  • max $424,100
HOME BUYER EDUCATION
CO-SIGNERS
  • Not Permitted
FORMS AND DOCUMENTATION
  • DCHFA & eHP Online, once logged in to eHP system
THE AGENCY

 

Reservation/locks – AVAILABLE from 10:00am-8:00pm Eastern (10-8 EDT excluding weekends & holidays)

Current Rates

Options / Offerings    DPA    Lock Rate Effective Date
  Government
FHA, FHA 203(ks) w/o 3.75% 9/21
3.5% 4.625% 9/26
  Conventional – Fannie Mae
HFA Preferred w/o 4.25% 9/15
3.0% 5.00% 7/27
  Conventional – Freddie Mac
HFA Advantage w/o 4.25% 9/18
3.0% 5.00% 7/27
  Conventional – Freddie Mac Super Conforming 
HFA Advantage Super Conforming “HFA Adv Super Conf” w/o 4.625%  9/25

 

  • 30 Year, Fixed Rate, Amortized
  • No manual UW for FHA loans only 
  • Manufactured homes are not allowed 
  • Interest rate buy-ups or buy-downs are not available 
DPA
Assistance is based on the Purchase Price

  • Non repayable grant
  • Multiple DPA options – as per rate/offerings
  • 3.5% DPAL Down payment Assistance with FHA Plus Loans 
  • 3.0% DPAL Down payment Assistance HFA Preferred Plus or HFA Advantage Plus Loans.

 

eHousingPlus provides some of the following services:

DCHFA Lender Manual (1/12)   Administrator's Guidelines

  • Provides the web-based program loan reservation and management system, System Program forms, System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Post Closing Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Need help, Click here

Program Sample Forms forms 5/8/15

The Following Lenders have been approved to originate loans in this Program

  • American Bank
  • American Neighborhood Mortgage Acceptance Company, LLC (Annie Mac)
  • American Security Mortgage
  • Apex Home Loans, Inc.
  • Atlantic Coast Mortgage, LLC
  • Bank of England
  • Branch Banking and Trust Company
  • Caliber Home Loans
  • Capital Bank NA
  • City Lending
  • Corridor Mortgage Group, Inc.
  • EagleBank
  • Embrace Home Loans, Inc
  • Envoy Mortgage
  • Everett Financial Inc, d/b/a Supreme Lending
  • Fairway Independent Mortgage
  • Fidelity Bank DBA Fidelity Bank Mortgage
  • First Heritage Mortgage LLC
  • First Home Mortgage
  • First Mariner Bank
  • First Savings Mortgage Corporation (FSMC)
  • George Mason Mortgage
  • Guaranteed Rate Affinity LLC
  • Guaranteed Rate Inc
  • HomeBridge Financial Services, Inc. (prev REMN)
  • Industrial Bank
  • Intercoastal Mortgage Company
  • M & T Bank
  • McLean Mortgage Corporation
  • Movement Mortgage, LLC
  • New America Financial
  • NFM Inc dba NFM Lending
  • NVR Mortgage Finance, Inc.
  • Pacific Union Financial LLC
  • PHH Home Loans
  • PNC Mortgage
  • Potomac Mortgage Group, d/b/a MVB Mortgage
  • Presidential Bank
  • Primary Residential Mortgage, Inc.
  • PrimeLending
  • Prosperity Home Mortgage, LLC.
  • Southern Trust Mortgage
  • Tidewater Mortgage Services, Inc
  • TowneBank Mortgage
  • VanDyk Mortgage
  • WashingtonFIRST Mortgage corp.
  • Wells Fargo

 

 

Interested in becoming a participating lender? Contact us.

Program Updates

 

  • 6/20 – Freddie Mac HFA Advantage Super Conforming option is added.
  • 5/4/2017 – Income & Acquisition limits revised
  • 6/28/16 – Income limits increased to 134,040
  • 6/16 DCHFA MCC Starts
  • 6/7- MCC webinar
  • 3/16 – Freedie Mac HFA Advantage starts
  • 12/1- MANUFACTURED HOMES are eliminated
    12/1- FHA – no manual underwriting
  • 6/26-Income limit is increased to 125,580
  • WARD & Census lookup can be located at http://dcatlas.dcgis.dc.gov/mar/
  • 1/1 – The Max HHLD Income is lowered to $123,050
  • 8/11- Neighborhood criteria removed. All reservations will use the city, Washington BUT you must select the correct WARD.
  • 2/4 – Program available FHA 203 (ks)
  • Lender Training occurs monthly.
  • Program Starts 5/15/2013 – All lenders must attend eHP Program Training
  • 5/15 – Program Start Date
  • 5/3 – DC Open Doors Webinar

—————————-

EhousingPlus University

 

Click here to attend Program training

Click here to register for System training

 

Should you have any questions on training, please contact jennifer@ehousing.cc

 

* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.