Qualifying for the Montgomery Homeownership Program
The steps to qualify for the Montgomery Homeownership Program are similar to those you would complete in order to buy a home or condo in a traditional purchase. It makes sense to complete these steps in a logical order – the Montgomery Homeownership Program is designed to help you actually complete the purchase on a home.
We recommend the following steps and process in order to use the Montgomery Homeownership Program:
- Find & start working with a Real Estate Agent who wants to help you find a home or condo that qualifies for the funding.
- Once you find a home / condo that you are interested in, then you must go through the Pre-Qualification process with a lender or mortgage professional. Find Out More about this process.
- The qualification process will determine if you are able financially to purchase the home. It takes into account the home’s purchase price, the normal down payment, the interest rate, closing costs, other fees and more.
If you are approved, your Down Payment on your home is funded by an additional loan that you pay back once you sell the home or transfer ownership in the future. You are still responsible for any closing costs, home inspection fees and appraisal fees related to the home you have chosen.