Eligibility FAQ

We currently work with individual loan officers who have a deep understanding of our program and the communities we serve. They help us provide the best experience for each of our borrowers.

Current preferred lenders include:

Justin Cotton
Senior Home Lending Advisor, JPMC
NMLS #1783831
Office: 202.729.4404
Direct: 202.948.6850
Email: justin.cotton@chase.com

Lola Pol
Community Lending Manager
NMLS #192773
Office: 202-609-9532
Direct: 301-518-6333
Email: lpol@capitalbankmd.com

No. Homes by CFE only provides its assistance in the form of a loan that must be repaid. The DPA Program includes a five-year interest deferred period. Principal and interest payments begin in year six. The remaining balance of the loan and deferred interest is due in full when the property is sold, refinanced, or transferred.

Yes. This down payment assistance is a loan, which means it must be repaid based on the loan terms.

Homes by CFE is currently supporting the purchase of properties in the District of Columbia, Prince George’s County, Charles County, Baltimore City, and Baltimore County, Maryland.

Homes by CFE supports the purchase of single-family properties, including condominiums, townhouses, row houses, and co-operatives. We do not support the purchase of multi-family units or mobile homes. The property’s purchase price must not exceed the maximum purchase price stated in the eligibility terms.

The combined loan-to-value (CLTV) ratio is the ratio of all secured loans on a property to the value of a property. The Homes by CFE maximum allowable CLTV is 105%. If the total amount of assistance the borrower is eligible for and the total amount financed (including all loans) is over 105% LTV, Homes by CFE will reduce the loan amount to ensure that the total amount financed remains below 105% CLTV.

Homes by CFE does not have a minimum credit score to qualify for the program, but borrowers must be able to qualify for a first-trust mortgage loan, and each first-trust lender may have a minimum credit score requirement. We conduct a credit check mainly to verify that you have a good credit history, and, in many cases, we can utilize the credit report provided by the first-trust lender.

Yes.  Our underwriting fee is $500.00 for loans under $50,000.00. For loans over $50,000.00 the underwriting fee is 1% of the total loan amount.

The accrued deferred interest is repaid when the property is sold, refinanced or the loan matures.

Yes! We understand the challenges of purchasing a property in a high-cost market. To expand homeownership to more individuals, we encourage buyers to explore all other programs available. Stacking assistance programs allows borrowers with lower incomes to obtain an affordable mortgage on a property that suits their family’s needs.

Borrowers can typically contribute 1-3% of their funds to their total property purchase. Homes by CFE provides a Down Payment Assistance loan. The total amount of assistance will be determined and provided to the borrower before closing on their first trust lender loan.

Borrowers should use the interest deferral period to build savings and pay down other debts with an eye on the future. Successful borrowers should position themselves to refinance and pay off their Homes by CFE balance as soon as possible. When the property is refinanced, the full balance of the Homes by CFE loan, including any accrued deferred interest, will be repaid. The borrower will then have a single mortgage payment with a single lender.

Please see our Loan Servicing Page for post-closing details and contacts.

We take referrals through our preferred lenders and will accept applications based on pipeline and funds.

Yes! Please see our Homebuyer Additional Resources page for DC and Maryland homeownership resources from the Homes by CFE menu above.