Montgomery County $25k Assistance
As of 2/14/23 the program’s funds are exhausted until funded again, which will hopefully be some time in the next fiscal year (July 1 2023-June 2024). It is possible the program is not funded again, though, as that decision will be made by Montgomery County
The MMP program has a new option in Montgomery County! Purchasers can now apply for Montgomery Homeownership Program VII 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!
Interest rates are set by the state and are posted daily here: https://mmp.maryland.gov/Lenders/Documents/IR/Rates.pdf
Learn more about this program here: https://mmp.maryland.gov/Lenders/Documents/FactSheets/MontgomeryHomeownershipProgramVI.pdf
In 2021 the program was open to repeat home buyers but in 2022 the program updated its rules to require you either be a first time buyer or at least not have owned real estate within the past 3 years.
Questions? Ajaffe@firsthome.com or 240 479 7658
Ready to pre-qualify?