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Montgomery Homeownership
First time buyers can pursue the Montgomery Homeownership Program which offers up to $50,000 in down payment and closing cost assistance. The amount of assistance is determined by your household income, and is set at 40% of your total income. So a family earning $90,000 might receive $36,000 in assistance, or a family earning $125,000+…
Read MoreMedpal
Full time employees of Montgomery County and buying in Montgomery County may be eligible for Medpal, which provides a $50,000 forgivable down payment/closing cost assistance loan. This program is a part of the Maryland Mortgage Program but is an enhancement of the product, but only for county employees of certain departments. The assistance cannot…
Read MoreHome Ready and Home Possible
There are two really great loan programs offered by Fannie Mae (Home Ready) and Freddie Mac (Home Possible) that combine low down payment loans with superior mortgage terms. These products even have better terms in many cases than standard conventional financing at a variety of down payment amounts. Program Highlights: 3% Down minimum for loan amounts up to…
Read MoreFederal Home Loan Bank
FHLB funds are currently exhausted until replenished! The Federal Home Loan Bank (FHLB) program provides a $15,000-$20,000 grant or forgivable loan to be used towards down payment and closing costs. There are three programs: The Workforce Housing Grant offers a $15,000 grant, to home buyers with incomes from 80-120% of area median income…
Read MoreDown Payment Assistance Programs
There are down payment assistance and low down payment programs available both nationally and locally. I have written below the descriptions of each program to aid in understanding what is available. During your initial conversation, we will review your financial situation to see what is the best fit for you. For most first time buyers,…
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