Home > MD > Montgomery

HOC/HOP PROGRAM

3% Down First Mortgage First Time Homebuyers

Type Of Program

Down Payment

Program distribution

Second Mortgage

Program Originator

Housing Opportunites Commission of Montgomery County

Program URL

https://www.hocmc.org/extra/2-uncategorised/163-hoc-hop-program.html#:~:text=A%20HOC%20resident%20who%20is,any%20HUD%20approved%20counseling%20agency

Amount

$10.00

Contact

Housing Opportunities Commission

Location

Nationwide

Description

Montgomery County provides HOC borrowers a 3% forgivable loan to cover a portion of the down payment expenses on a first-time home purchase in Montgomery County. This loan is forgiven after living in the property for five years as a primary residence. For borrowers who also work in Montgomery County, the county will also provide a repayable loan of 5% of the sales price, up to $10,000. This loan is repaid back to the county over ten years at an interest rate of 5%. The HOC/HOP program must be combined with either Conventional or FHA financing and is meant for purchasers who have not owned real estate in the past three years. There are income limits to the program as well which are based on your household size.

AMI

N/A

Must Earn Counseling Certificate

Yes

Eligibility Limitations

- A HOC resident who is committed to purchasing a home in Montgomery County - A HOC resident who earns $40,000 or more annually - Homebuyer must attend the free home buying seminars offered by HOC, HCII, or any HUD-approved counseling agency

Cosigner Permitted

Yes

Owner Financing Permitted

Yes

Must be Primary Residence

Yes

Program Provider's Contact Name

HOC of Montgomery County

Program Provider's Address

10400 Detrick Avenue, Kensington, MD 20895

Program Provider's Phone

2406279400

Program Provider's Email

N/A

Find Homeownership Incentives