Special Financing for First Time Home Buyers in Montgomery County, Maryland
The Montgomery County Housing Opportunities Commission (HOC) has extended the current low mortgage interest rates for first time home buyers until January 31, 2012.
Two 30 year fixed interest rate options, with zero points, are available for the purchase of homes located in Montgomery County, Maryland.
Option One: 3.625% mortgage interest rate
Option Two: 4.0% mortgage interest rate with a 3% purchase assistance loan for those that need assistance with the cash requirements of a home purchase. The assistance loan may be applied to the down payment or closing costs.
Both options apply to FHA financing which has a minimum cash requirement of 3.5% of the purchase price. The home to be purchased must be located in Montgomery County, Maryland but the mortgage borrowers are not required to work in the county.
The maximum loan amount under this special program is $429,619.
There are maximum family income limits for the first time mortgage borrowers. For a household of one person, the income limit is $89,160. For a household of two persons, the maximum income is $127,320. For a household of three or more persons, the income limit is $148,540.
All prospective purchasers should seek pre-approval for their mortgage financing as an initial step in their home buying process. It is a time of great opportunity for Maryland home buyers.
Enjoy the season of Thanksgiving and be sure to have your camera in hand to capture those special moments.
Pink Chrysanthemum
The Chrysanthemum Festival at Longwood Gardens, October 29 - November 20, 2011. Our visit was on Tuesday, November 8, 2011. Longwood Gardens is located in Kennett Square, PA. Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
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