CLOSING COST ASSISTANCE IN MONTGOMERY COUNTY, MARYLAND
We received this notice from our of our favorite loan officers, Paul McCausland.
Please review the info below, as I believe it's the best program for 1st time buyers in Montgomery County.
MONTGOMERY COUNTY MARYLAND CLOSING COST ASSISTANCE LOAN
"5 for 5"
5% Closing Cost Assistance up to $10,000
for 5% Interest Rate (5.22%APR)
Available through The Housing Opportunities Commission of Montgomery County first-time home buyers who lack funds to pay real estate closing costs may qualify for the closing cost loan.
To Be Eligible:
At least ONE borrower must be working in Montgomery County.
Must be a first time home buyer. May not have owned or co-owned any residential property in the past 3 years. Three years of tax returns needed.
Buy a home costing no more than $429,619.
Total household income does not exceed current limits (see below).
CAN BE USED with the HOC First Trust Mortgage Purchase Program.
All HOC first mortgage interest rates can be used.
NEW ***CAN BE USED WITH A NON HOC FIRST MORTGAGE***
A HOC PARTICIPATING LENDER CAN ONLY PROVIDE THIS FIRST MORTGAGE
• Maximum loan amount is 5% of the sales price not to exceed $10,000.
• Can be used to cover down payment, closing costs, escrows, or other prepaid expenses.
• May not be used along with any other closing cost assistance loan (i.e. Nehemiah, AmeriDream or other seller funded gifts).
• Current Maximum Sale Price is $429,619 - ALL Properties.
• Current Maximum Income Limits: One person household $ 86,268**
Two person $ 123,240**
Three or more: $ 143,780**
MUST ATTEND "Home Ownership Education Classes". A schedule of classes is enclosed or visit www.hcii.org
CONTACT an HOC participating lender (see list) to begin the process. These are the only lenders who can reserve the closing cost assistance funds.
Before funds can be reserved you must have a ratified contract on a property.
Funds are reserved for sixty days.
HOC REQUIRES THE APPLICANT TO HAVE A HOME INSPECTION PRIOR TO LOAN APPROVAL.
FIRST COME, FIRST SERVED - NO WAITING LIST.
• A secured second mortgage loan. The loan term is 5% interest rate for 10 years.
• Monthly payments will be through automatic deductions from checking or savings account.
• An application fee of $100.00 will be assessed at settlement.
• Cannot be used to pay off debts.
• The loan is due at time of sale or refinance of property.
• There is no "prepayment penalty".
• The property must be owner occupied and remain owner occupied while the loan is outstanding.
• Cosigners are not allowed. A cosigner is a person who signs the documents but will not occupy the property.
FOR MORE INFORMATION CALL:
Paul McCausland, Mortgage Consultant, 1stMariner Mortgage
Office (800)474-0387 email@example.com
We represent home buyers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties.