Here are the details of the Montgomery County Home ownership Program II:
- Down payment assistance will be limited to 40% of the total household income with a maximum total of $25,000 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 $25,000 in assistance.
- Down payment assistance will be 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.
- Available to all first time home buyers in Montgomery County. First time home buyers are defined as someone who has not owned a home in the last 3 years or more. First time home buyers requirements 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 October or until the funds are exhausted.
Borrowers must meet all eligibility requirements established for the Maryland Mortgage Program. The 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.
Buyers must take homebuyer counseling online or in person. Counseling does not have to be done prior to writing a contract of sale.
It is an exciting time for real estate with low interest rates and so many great programs to help people buy homes. If you are a buyer with decent credit- we have a loan officer who can guarantee to help with the money needed to get into a home! Call or email today!