If you are seeking to purchase in Takoma Park, MD, the city has introduced a new program that provides $5,000 in forgiven down payment assistance. Live in the property for 5 years, and you won’t have to pay back the assistance!
To qualify, you must purchase in the city of Takoma Park MD, and not have owned any real estate within the last five years, and meet the household income requirements.
To become eligible for the program, you must complete a HUD approved first time buyer course. Four of these approved agencies operate in Montgomery County:
- Asian-American Homeownership Counseling, Inc.
- Housing Initiative Partnership, Inc.
- Money Management International
- Latino Economic Development Corporation
The property must also pass a home inspection.
The maximum amount of mortgage payment you will qualify for will be based on 30% of your gross monthly income. The minimum contribution of your funds towards the purchase is $1,000…though you will cover whatever down payment amount and closing costs are not otherwise covered by the seller or the $5,000 in down payment assistance.
Questions? [email protected] or 240 479 7658
Ready to pre-qualify?