Montgomery Homeownership Program VI – Open as of July 28, 2021
*******PROGRAM CLOSED. FUNDS EXHAUSTED AS OF OCTOBER 22, 2021*******
The Montgomery Homeownership Program is an initiative of the Maryland Mortgage Program in partnership with Montgomery County, which offers eligible home buyers who purchase in Montgomery County up to $25,000 in down payment assistance.
Eligible homebuyers can take advantage of this assistance by purchasing their home with a mortgage through the Maryland Mortgage Program (MMP) using an MMP first mortgage in combination with the down payment assistance (DPA) loan.
The amount of the DPA loan will be an amount equal to 40% of the total household income, up to a maximum DPA loan amount of $25,000. These funds can be used for down payment and closing costs.
The DPA loan is a deferred second mortgage offered by Montgomery County and it is repaid when the home is sold.
Buyer does not have to be a first time buyer, but cannot currently own real estate.
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For more information on the Montgomery Home Ownership Program, or to check rates, click HERE to visit the MMP website.