The Montgomery County Homeownership Program – Down Payment Assistance
Montgomery County recently launched a special program for Maryland first time home buyers. Free Homebuyer Workshops are available at our DC offices that show you how to use this program to get up to $40,000 in Down Payment Assistance!
The Montgomery Homeownership Program is structured as a 0% interest, deferred payment loan for your Down Payment. You pay it back when you sell the home in the future, and no interest has accrued. This type of Down Payment Assistance is very popular. Here’s how the Montgomery Homeownership Program works:
- You can get up to $40,000 in Down Payment & Closing Costs Assistance per household
- Assistance you are eligible for is calculated based on 40% of your household income
- The Down Payment Assistance is structured as a 0% interest, deferred payment loan. This loan is issued in conjunction with a 30 year fixed rate mortgage through the Maryland Mortgage Program (MMP)
- There are income limits for eligibility. Get the current limits now
This program is available with no current expiration date published. The County may terminate the availability of funding at their discretion.