New Mortgage program – Did you know that Montgomery County has two AMAZING down payment programs designed to help first time home buyers? These programs will help buyers get into a home with NO money at all. And, they make your offer competitive to the seller because they can cover the closing costs so you don’t have to ask the seller for help!
Montgomery County Home Ownership III
- 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;
- No minimum contribution by the buyer, reduced mortgage insurance rates and very high income limits; and
- Maryland Home Credit Program is available with this product; and
- 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.
New Housing Program – Housing Opportunities Commission (HOC)
- A 3% loan covering the majority, if not all of the down payment which is forgiven after 5 years once the buyer occupies the property as their primary residence. Buyers do not have to be a current resident of the County for the down payment assistance.
- Buyers that work in Montgomery County are also eligible for a $10,000 loan for closing costs repaid back over ten years at an interest rate of 5%. The loan amount is calculated at 5% of the sales price.
- Minimum credit score of 640, debt ratios up to 50%
- Income limits of $98,448 for a 1 person household, $140,640 for a two person household and $164,080 for a three person household; and
- Offers reduced mortgage insurance rates.
Are you ready to make that move to home ownership in 2019? We can help! Give us a call….contact us via “Offline Chat”, or send an email so we can get you on the right track to home ownership in 2019….Call today!