First time homebuyers purchasing in Montgomery County could be eligible for a new home ownership program. Here are the details of the Montgomery County Homeownership Program:
- Down payment assistance will be 40% of the total household income with a maximum total of $40,000 per home. These funds can be used toward down payment and/or closing costs. Example: A buyer has total household income of $85,000 so they would be eligible to receive $34,000 in assistance.
- The down payment assistance is in the form of a loan at zero percent and will appear as a 2nd lien on title. Funds will have to be repaid back if the buyer ever sells their home.
- First time homebuyers program is available to all first time homebuyers in Montgomery County. First time home buyer is defined as someone who has not owned a home in the last 3 years or more. First time home buyer requirement will be waived if property is in a targeted area or if buyer is an honorably discharged veteran who has not used the first time home buyer exemption.
- Program runs through April 4, 2017 until December 31, 2017 or until all funds are exhausted.
- Borrowers must meet all eligibility requirements established for the Maryland Mortgage Program. Buyer must qualify under the MMP credit and income guidelines. Income limits are very high, $130,320 for a 1-2 person household and $152,040 for three person household or more.
- The down payment assistance cannot be combined with matching funds from the Down Payment Partner Match programs. The down payment funds can be combined with any available external assistance from employers, builders, developers, local jurisdiction, etc.
- Borrower must take a home buyer counseling course online or in person. Counseling does not have to be done prior to writing a contract of sale.
Now is an exciting time for first time homebuyers to purchase a home with marginal interest rates and so many great programs to help people own a home. If you are a buyer that has decent credit, we can guarantee we have a program to help you with the money needed to purchase a home. Contact us today to get started on a path toward homeownership!