Checklist for First Time Home Buyers

  • MUST be able to contribute a minimum of $1,000 towards the purchase (cannot be borrowed or be a gift).
  • Secure a first mortgage. All loans MUST be a 30 year fixed loan.
  • Preference given to those who reside in Douglas County 12 months prior to closing or work in Douglas County at least 20 hours per week
  • Be a “First-Time Homebuyer” (No ownership in a home in the past 3 years, Single parent that has owned prior with a spouse, or a displaced homemaker.)
  • Maximum debt-to-income (back-end) ratio at 55%
  • Borrowers must show an acceptable credit history. A letter of explanation for all adverse accounts (bankruptcy, collections, late payments, etc.) is required.
  • The home MUST be used as a “primary residence” and be located in Douglas County (the home cannot be “renter occupied” at the time of purchase).
  • Potential borrower MUST meet with DCHP and receive “Income Certification Letter” prior to signing a sales contract.
  • $100 application fee