• Wix Facebook page
  • Wix Twitter page
  • Wix Google+ page

Leggett Announces Second Year of Montgomery Homeownership Program to Assist Homebuyers in the County

October 27, 2017

Montgomery County Executive Ike Leggett and Maryland Department of Housing and Community Development Secretary Kenneth C. Holt announced a renewal of the Montgomery Homeownership Program through the Maryland Mortgage Program. This joint initiative helps qualified applicants purchase a home by offering a zero-interest loan for down payment or closing cost assistance. Montgomery County has committed one million dollars to this program in FY18. The program will run during FY18, until funds are expended.

   “We are helping qualified buyers purchase a home in Montgomery County by providing significant assistance for down payment and closing costs,” said County Executive Leggett. "By doing this in partnership with the State of Maryland, our new homeowners can receive additional support to buy a home.”

   The Montgomery Homeownership Program leverages the Maryland Mortgage Program and is administered by the Maryland Department of Housing and Community Development, which provides similar down payment assistance across the state.

   “Even if a homebuyer has qualified for a mortgage loan, down payment and closing costs can sometimes be a barrier that delays them from buying a home,” said Secretary Holt. “Our hope is that this partnership will remove that barrier and empower more Montgomery County residents to purchase their first home.”

   The down payment assistance program will be available for buyers with qualified incomes to purchase a Montgomery County home as their primary residence. The program is part of Montgomery County’s ongoing efforts to promote affordable and inclusive housing opportunities. It is managed on a first-come, first-served basis.

   Program incentives include:

   • A zero-interest loan provided by Montgomery County equal to 40 percent of household income, up to $25,000 for down payment or closing cost assistance

   • 30-year fixed-rate financing on a first mortgage through an MMP-approved lender

   • Tax credit savings available through the Maryland HomeCredit Program

   • Streamlined and straightforward home buying and financing experience

   Potential homebuyers are subject to household income limits and must meet standard qualifications under the Maryland Mortgage program, including completion of homebuyer education. The Maryland Mortgage program is the state’s flagship homeownership program, providing fixed-rate mortgages, primarily to first-time homebuyers, along with down payment and closing cost incentives.

Please reload

Please reload

Featured Posts

Thank You, Germantown, for Five Amazing Years

Morning Storm Floods Many Germantown Roads, Create...

Spirit Comeback Falls Short in 2-1 Loss to North C...

Germantown Glory Fireworks Set to Celebrate the 4t...

Spirit Hope to Remain Unbeaten as They Host Defend...

Germantown Woman Set to Compete for Hot Dog Eating...

Three Teen Girls Sent to Hospital After an Assault

Montgomery County DLC is Changing Its Name to Alco...

Council Reappoints Anderson as Chair of Planning B...

County Forces Planet Fitness to Stop Giving Free P...

Germantown Man Found Guilty of Manslaughter and Ar...

Germantown Market Cited for Selling Egg-Bearing Fe...

Montgomery College Selects Builder for $40 Million...

Council Passes Bill to Allow Tenants to Terminate...

County Leaders to Host Conversation on Racial Equi...

Sullivan Strikes as Spirit Draw on the Road at Rei...

1/1
Please reload

Germantown Pulse has stopped production
of original content for this website,
as of Aug. 1, 2019.
Germantown Pulse continues to provide news and information from other local source through links on Facebook, Twitter and Instagram.
Thank you to our loyal readers and advertisers for a wonderful and fulfilling five years.

Germantown Pulse

Thank You, Germantown, for Five Amazing Years

July 19, 2019

Morning Storm Floods Many Germantown Roads, Create...

July 8, 2019

Spirit Comeback Falls Short in 2-1 Loss to North C...

July 1, 2019

Germantown Glory Fireworks Set to Celebrate the 4t...

July 1, 2019

Spirit Hope to Remain Unbeaten as They Host Defend...

June 28, 2019

1/3
Please reload

Germantown, Maryland's Hometown News Source

Comments, Questions, Ideas, or Suggestions 
Please, please, please drop us an email.
Advertise with GermantownPulse 
Reach LOCAL customers email us.
Have a photo for our Around Town section?
Submit it here.
Comments, Questions, Ideas, or Suggestions 
Please, please, please drop us an email.

    Like what you read? Donate now, help GermantownPulse provide more news to the community

© 2016 by Germantown Pulse.