Maryland Blogger: Roy Kelley (Realty Group Referrals)

Down Payment Assistance for Home Buyers in Montgomery County, MD

Down Payment Assistance for Home Buyers in Montgomery County, Maryland

 

Montgomery County Executive Marc Elrich is encouraging residents to apply for the Montgomery Homeownership Program of down payment assistance. The program, which is available to help working families and first-time home buyers, is now accepting applications. Reservations will be accepted until the funds are fully committed.

Applicants who qualify can access down payment assistance loans up to $25,000 or up to 40 percent of the household income of the prospective homeowner – whichever is less. Funds can be used for a down payment or for closing costs. Approved buyers also will receive a competitive loan rate from the Maryland Mortgage Program.

The zero-interest down payment assistance loans can be used for modestly priced homes in Montgomery County. The loans are to be repaid upon the sale, payoff or transfer of the home.

“I am pleased that we are able to partner with the state to give people a chance to buy their first home,” said County Executive Elrich. “Homeownership is a significant source of wealth for most people and we need to extend that opportunity to more of our residents. Homeownership can help with building community for families, neighborhoods and schools. I have long advocated for this type of assistance, and I am glad that we are able to continue this program.”

The Montgomery Homeownership Program is administered by the Maryland Department of Housing and Community Development, which provides similar down payment assistance across the State.

The program is part of Montgomery County’s ongoing efforts to provide more paths to homeownership. Montgomery County has committed $1 million in Fiscal Year 2021 to the program with the State.

 

More information

 

 
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Rattlesnake Plant, Lewis Ginter Botanical Garden, Richmond, VA USA
Canon PowerShot G11 Camera
Photograph by Roy Kelley
Roy and Dolores Kelley Photographs

 

Subhash Sharma  This Rattlesnake plant (Calathea lancifolia) is a species of flowering plant in the Marantaceae family, native to Brazil. Requiring a minimum temperature of 16 °C , it is commonly used as a houseplant in temperate regions. Just like other varieties of Calathea plants, this one is a bit demanding. As such, it is not a perfect choice for beginner gardeners and those who want to spend less time caring for their plants. However, if you wish to invest some time and energy you will sure be rewarded. Rattlesnake plant is gorgeous and can truly improve the look of your home.

Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

Comment balloon 4 commentsRoy Kelley • August 09 2020 04:33PM
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