The Maryland Department of Housing and Community Development is partnering with Montgomery County for a new homebuying initiative through the Maryland Mortgage Program. Called the Montgomery Homeownership Program, the program incentivizes homebuying in Montgomery County by offering a zero-interest loan of up to $40,000 that can be used for down payment or closing cost assistance. The program will run from April 4, 2017, until December 31, 2017, or until funds are expended, whichever occurs first.
“We are excited about our partnership with Montgomery County,” said Secretary Kenneth C. Holt. “With the generous down payment and closing cost assistance and the other attractive features of the Maryland Mortgage Program, we expect this program will take homeownership from a dream to reality for families across Montgomery County.”
When purchasing through the Montgomery Homeownership Program, buyers can receive the following incentives:
- A deferrable, zero-interest loan equal to 40 percent of the household income up to $40,000, provided by Montgomery County, which can be used for down payment or closing cost assistance
- 30-year fixed-rate financing
- Tax credit savings available through the Maryland HomeCredit Program
- Streamlined and straightforward home buying and financing experience
Potential homebuyers are subject to household income limits and must meet standard qualifications under the Maryland Mortgage program, including completion of homebuyer education. The Maryland Mortgage program is the state’s flagship homeownership program, providing fixed-rate mortgages, primarily to first-time homebuyers, along with down payment and closing cost incentives.
For more information, visit http://mmp.maryland.gov/montgomery.