Montgomery County $25k Assistance
As of Feb 1, 2018 this program is now closed until further notice of additional funding.
The MMP program has a new option in Montgomery County! Purchasers can now qualify for a 2017 loan program named the Montgomery Homeownership Program II which provides up to $25,000 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 $62,500+ will receive $25,000 in assistance, or a family earning $40,000 will receive $16,000 in assistance.
The money must be repaid without interest when you move out or sell. The assistance from this program cannot be combined with any other down payment assistance programs…but with up to $25k in assistance, you frankly won’t need to utilize any others!
Participants can still apply for the lucrative MCC program though.
Interest rates are set by the state and are equivalent to the standard rates for the MMP program. Or you can consider a different MMP Grant Assist program which provides 4% in grant funds but the program has a higher rate.
Questions? Ajaffe@firsthome.com or 240 479 7658
Ready to pre-qualify?