Press Releases
Leggett, State Housing Secretary Ken Holt and County Councilmembers Announce Montgomery Homeownership Program to Assist Qualified Homebuyers in the County
For Immediate Release: Friday, May 5, 2017
County Executive Ike Leggett today announced the availability of a new program to help qualified applicants purchase a home with the support of the Montgomery Homeownership Program. The downpayment assistance program will be available for buyers with qualified incomes to purchase a Montgomery County home as their primary residence, up to a certain sale price.
“Home ownership is the most affordable and predictable way for individuals and families to pay for housing,” said County Executive Ike Leggett. “One of the biggest challenges for homebuyers is saving for the downpayment and closing costs. As Montgomery County has some of the highest housing costs in Maryland, we want to help people purchase their first home.”
The Montgomery Homeownership Program leverages the Maryland Mortgage Program and is administered by the Maryland Department of Housing and Community Development, which provides similar downpayment assistance across the state.
“It’s a privilege to partner with Montgomery County for such a fantastic program,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. “Through the availability of initiatives like the Montgomery Homeownership Program, buying a house becomes a reality for many who thought it would always be out of reach.”
Applicants who qualify and are approved for the Montgomery Homeownership Program may access Down Payment Assistance loans in amounts up to $40,000 – or up to 40% of the household income of the prospective homeowner – whichever is less. Such funds may be used for downpayment or closing costs. Approved buyers also will receive a below-market rate Maryland Mortgage Program Loan to help complete their homebuying process.
“Montgomery County is one of the best places to live in all of America,” said County Council President Roger Berliner. “However, the reality is that we have the highest housing costs in all of Maryland. We want more people to be able to afford to live here. The Montgomery Homeownership Program is an effective tool in helping first time homebuyers, veterans, and working families achieve a piece of the American Dream.”
The program is part of Montgomery County’s ongoing efforts to promote affordable and inclusive housing opportunity. Montgomery County has committed one million dollars to this program.
“Homeownership is an important component of financial security and community stability,” said Councilmember Marc Elrich. “Saving for the downpayment is one of the greatest barriers to purchasing a home for people with modest incomes. This program can be a tool to help Montgomery County residents get past that barrier. I look forward to welcoming new homeowners in our county.”
These zero-interest loans can be used for modestly-priced homes that cost up to $429,000 – and, in certain neighborhoods, for homes that cost up to $525,000. The loans are to be repaid upon the sale of the home.
For more information or to apply, visit Montgomery Homeownership Program.
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Media Contact: Lorraine Driscoll 240-777-6507