Want to own a home in Montgomery County, Maryland NOW?
MONTGOMERY HOMEOWNERSHIP PROGRAM V
There are only 14 remaining reservations for this program.
The MONTGOMERY HOMEOWNERSHIP PROGRAM V purpose is to help Maryland first time and repeat homebuyers purchase a home in Montgomery County by offering a Maryland Mortgage Program (MMP) first loan with a GENEROUS Down Payment Assistance (DPA) second loan.
The DPA loan is in the form of a 0% deferred loan. The maximum DPA loan will be 40% of the total household income with a maximum total of $25,000 per home. These funds can be used for down payment and/or closing costs.
Household Income: 1-2 $151,200; 3+ $176,400
The Montgomery Homeownership Program provides loans from July 27, 2020 until the funds are expended. Currently, there are only 14 remaining reservations for this program.
First-Time Homebuyer Eligibility
Someone who has not owned a property for 3 years or more is considered a “First-Time Homebuyer“. First-Time Homebuyers who meet the household income limits can use the MONTGOMERY HOMEOWNERSHIP PROGRAM V to purchase a home anywhere in Montgomery County, Maryland.
Homebuyers who are not First-Time Homebuyers, but who meet the household income limits, may use the MONTGOMERY HOMEOWNERSHIP PROGRAM V , but can only purchase properties that are located within Targeted Areas.
You can determine a property’s status by using the MMP Mapper
Household Income Eligibility
To use the MONTGOMERY HOMEOWNERSHIP PROGRAM V, the total “Household Income” of homebuyers must be at or below certain limits, and varies by household size.
Household Income is the combined incomes of all people 18+ that live in a household. It includes every form of income, including salaries and wages, retirement income, investment gains, etc.
The Household Income limit for the MONTGOMERY HOMEOWNERSHIP PROGRAM V is:
- $151,200 1-2 person household
- $176,400 3+ person household
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