First Home’s One program offers up to a $5,500 grant, which is paired with a mortgage from First Home Mortgage.

Pre-Qualify Now:

One is available to buyers purchasing their home, both repeat and first time buyers. The grant is up to $5,500 or 2% of the purchase price whichever is less.  So on a purchase price of $275,000 or more the grant is $5,500.  Or for example on a purchase price of $200,000 the grant is $4,000.

One is made possible by pairing a $2,500 grant from Fannie Mae or Freddie Mac with a Dream grant from First Home Mortgage.

One is available if the buyer’s qualifying income is under 50% of area median income.  Income caps vary by location. Check income caps here.  In the DC area that income cap is $75,200.

If your income is over 50% of area median income but under 80% of area median income, that’s over the cap for the grant from Fannie Mae or Freddie Mac but you can still be eligible for Dream.  That grant is $3,000.

The mortgage loan paired with One is a Home Ready or Home Possible loan and so to qualify for the grant you will need to meet the underwriting requirements of one of those two loan programs.

To qualify for One the minimum down payment is 3% of the purchase price, but the grant can be applied to 2% of the purchase price making the resulting minimum down payment 1% of the purchase price.  The maximum down payment allowed with One or Dream is 5% of the purchase price. Borrowing less than 95% of the purchase price would make you ineligible for the grant.  The One grant requires a 1% down payment from the buyer and that down payment cannot be a gift.  It is however allowed to get a gift towards closing costs.

This program is a conventional loan   (not an FHA nor a VA nor a USDA loan). This program is not compatible with bond loan programs like DC Open Doors, VHDA, Maryland Mortgage Program, or HOC. This program is also not compatible with BorrowSmart nor FHLB nor Heroes nor HPAP


Pre-Qualify Now: 240 – 479 – 7658