Everything costs more, from food to gas to home loans. But first-time homebuyers struggling to come up with a down payment can apply for help in Montgomery County, Maryland.
Two programs, the Montgomery Homeownership Program and the Montgomery County Homeownership Assistance Fund, are each getting $1.5 million to distribute to qualified applicants who purchase moderately priced homes in the county.
The programs provide down payment assistance up to $25,000 or 40% of the household income of the prospective buyers. Frank Demarais, is the deputy director at the county’s Department of Housing and Community Affairs.
“The $3 million that’s been approved for this year will support about 120 homebuyers to purchase in the county,” Demarais said.
The funds are being released now and Demarais said, “If you’re in the process of purchasing a home, you can take advantage of this on top of what you’re currently working with.”
The zero-interest loans can be used for down payments or to help with closing costs.
You can find more information on the Housing Opportunities Commission of Montgomery County and the Montgomery Homeownership Program website.