First-time home buyers can get down payment assistance

First-time home buyers in Montgomery County can apply for down payment assistance programs.

It’s part of an ongoing effort to tackle ‘severe’ housing costs, according to a Release County.

Two programs, the Montgomery Homeownership Program and the Montgomery County Homeownership Assistance Fund Program, are funded by the county and each offer $1.5 million to help homebuyers.

The programs offer down payment assistance loans of up to $25,000, or up to 40% of the buyer’s household income, whichever is lower. Funds can be used for deposits or closing costs. These are zero interest loans and must be repaid when the home is sold, paid off or transferred.

Assistance is available to eligible buyers who purchase a moderately priced home. Those who are approved will also get a competitive rate mortgage, according to the county.

The programs accept reservations. View more information about the Montgomery Home Ownership Program here and for the Montgomery County Property Assistance Fund Program here.

Reservations will be accepted until funds are committed.

The state housing department administers the Montgomery Homeownership Program while the Montgomery County Housing Opportunity Commission administers the Homeownership Assistance Fund program.

About Matthew R. Dailey

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