Gaithersburg Home Ownership Assistance Program
Loans are now available to assist with the cash requirements of the down payment and closing costs when purchasing a home to occupy. Qualified home buyers that need help are encouraged to investigate the Gaithersburg Home Ownership Assistance Program.
Except for displaced tenants and “essential” personnel of the City of Gaithersburg, any household participating in the program must purchase a home within the city limits of Gaithersburg, Maryland. Eligible displaced tenants and “essential” personnel may purchase within Montgomery County, Maryland.
The maximum loan for a purchase within Montgomery County but outside of the City of Gaithersburg is $15,000. The maximum loan for a home purchase within the City of Gaithersburg is $20,000.
Borrowers under this program must have a credit score of 620 or higher and must not have owned a home for at least three years prior to settlement. Home ownership counseling must be completed within twelve months prior to settlement.
We advise all prospective home buyers to seek pre-approval for mortgage financing and to have a clear understanding of the cash requirements and the obligations of mortgage financing. The information in this post was provided by Joe Salisbury, Manager, of the Gaithersburg office of Presidential Home Mortgage. He may be reached at 301-590-8911 ext. 209 or by email at email@example.com.
Our office, RE/MAX Realty Group, has an affinity relationship with Joe Salisbury and his company.
Dahlias in Kentlands IMG_0179
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs