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Gifts
I am not a tax advisor. But many clients have questions about how gifts both affect their mortgage application and their taxes. I am happy to explain: Gift amounts There is no limit to the amount of the gift. You may receive multiple gifts from multiple sources. 2. Gift sources A gift can be provided…
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,…
Read MoreMcHaf
Montgomery County HOC opened McHaf on August 17, 2026 and funds are available until exhausted. Last year, the program exhausted funds in February. The amount of assistance is up to $25,000 to be utilized for down payment or closing costs. To learn more about eligibility for the HOC program including income limits and credit score…
Read MoreMedpal
Medpal is funded, with money replenished in July 2026. 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…
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…
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