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.
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.
Good news for new owners of @MontgomeryCoMD. We are making $3 million available to help with the initial payments. Find information on our website about the Montgomery Homeownership Program and the Montgomery County Homeownership Assistance Fund. https://t.co/Fh4g7uXECO pic.twitter.com/I456zuTi6A
— County Executive Marc Elrich (@MontCoExec) July 7, 2022