Montgomery County mortgage announced today by the Community Development Administration. The funds are on a first come – first serve basis. And they will go lightning fast!
As a result of the very successful Phase I and II of the Montgomery Home Ownership Program. The Community Development Administration in collaboration with Montgomery County is pleased to announce Phase III is open to accept reservations. The Montgomery Home Ownership Program is designed to assist eligible home buyers who purchase a home in Montgomery County. Combining a Maryland Mortgage Program (MMP) first mortgage loan with a generous down payment assistance (DPA) second loan.
Highlights of the program are as follows:
* Montgomery Home Ownership Program second lien will be a zero percent deferred down payment loan
* Maximum down payment loan will be 40% of total household income up to a maximum of $25,000.00
* Down payment funds may be used for down payment and/or closing costs
* It can be combined with a Special Assistance Grant (SAG); there is a Credit 640 version
* No minimum contribution by the buyer
* Partner Match Programs – No matching funds provided; however, the DPA may be combined with available external assistance that meets agency guidelines
* Maryland Home Credit Program – Available with this product (fee applies)
* Borrowers must meet all MMP and agency requirements, minimum 640 credit score, 45% debt to income, typically first time home buyer unless purchasing in a targeted area
Don’t wait – Call now to start the process! Or, email with questions on being pre – qualified….