Many local jurisdictions offer assistance programs to promote homeownership to first-time homebuyers. One such program is the Montgomery County HOC purchase assistance program which was modified with new program features to allow more people to qualify. Here are the new features:
Two 30 Year Fixed Rate ZERO point options:
OPTION 1: 3.625%
OPTION 2: 4.0% -With 3% PURCHASE ASSISTANCE LOAN For Down Payment and Closing Costs.
(Buyer does not have to work in Montgomery County)
Purchase assistance loan details:
-Loan amount – 3% of sales price – no maximum
–Interest Rate – 0% per year –
-Term – 5 year deferred loan, no repayment during 5 year period and loan is fully forgiven after five years.
***Purchase assistance loan can be used to pay for down payment and closing costs.***
What are the requirements for the program?
–SETTLEMENT MUST BE ON OR BEFORE TUESDAY, JANUARY 31, 2012
-MAXIMUM SALES PRICE: $429,619
-Existing and New Construction
-MONTGOMERY COUNTY PROPERTIES ONLY
-NEW MAXIMUM INCOME LIMITS Household Size
One person: $ 89,160
Two persons: $ 127,320
Three or more: $148,540
Hopefully you found this post useful! If you would like more information about Washington DC real estate, please contact Jason Trotman at 301-452-4767. If you’re new to DC, I’d especially like to extend a warm welcome. I value the opportunity to help my clients find the home that meets their needs and provide them with professional, reliable service.