This program provides 5% of the sales price up to $10,000 as a second mortgage which can be used for downpayment and/or closing costs.
The loan is repaid in regular monthly payments over a 10 year term at an interest rate of 5%.
The RCCAP must be used with an HOC first mortgage (with one exception – HK4E).
The RCCAP may be combined with other FHA approved closing cost assistance, provided the borrower can qualify.
At least one borrower must be working IN Montgomery County to be eligible for the RCCAP. This means the regular place of daily work is located in the county.
