Another amazing program has been announced by The State of Maryland to help first time homebuyers in Montgomery County.
Here are the details of the Montgomery County Homeownership Program:
- The down payment assistance will be 40% of the total household income with a maximum total of $40,000 per home. 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 will be in the form of a loan at zero percent and will appear as a 2nd lien on the title. Funds must be repaid back if the buyer ever sells their home.
Available to all firsts time homebuyers in Montgomery County. First time homebuyer is defined as someone show has not owned a home in the last 3 years or more. First time homebuyer requirement will be waived if the property is in a targeted area or if buyer is an honorable discharged veteran who has not used the first-time homebuyer 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. Buyers 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 a three person household or more.
The down payment assistance cannot be combined with matching funds for the Down Payment Partner Match programs. The down payment funds can be combined with any available external assistance from employers, builders, developers, local jurisdiction, ect.
Buyer 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 into homes. If you are ready to purchase your new home and believe you are eligible, there is a program to help you with your down payment to get you into a home!
Upper Marlboro MD Real Estate Listings, Silver Spring MD Real Estate Listings, Washington DC Real Estate Listings and Real Estate Services. Denise Watkins is your local Real Estate Expert for Upper Marlboro and the surrounding areas! Looking for a Realtor who can help you sell or purchase a home, my online services are available to assist you now and you can also email, text, or call me: Denise Watkins 202-489-5478.