- Downpayment & Closing Cost Assistance
- Montgomery County
Summary
The R.E.A.C.H. program is a collaborative effort between the City of Rockville and HCI, a non-profit charitable organization. This program provides assistance to first-time homebuyers in the form of down payment and closing cost assistance when purchasing a home, up to $12,000. This loan is interest free and must be repaid over seven years. The management and coordination of the program are overseen by Housing & Community Initiatives, Inc. Eligible applicants are required to meet program criteria, qualify for a home mortgage, and demonstrate the ability to repay the R.E.A.C.H. loan, creating a revolving fund that is continuously replenished. The program aims to assist a specific segment of the population who have the means to afford a monthly mortgage payment but have struggled to accumulate enough savings for a down payment and/or closing costs.
Eligibility Requirements
- The applicant(s) must have a total household annual income of less than or equal to $129,000.
- The applicant(s) must be a first-time homebuyer (not having owned a home within the last 3 years.
- The applicant(s) must attend a First-Time Home-buyers Seminar.
- The applicant(s) must pre-qualify for a mortgage loan.
- The applicant(s) must live or work within Incorporated Limits of the City of Rockville.
- The property being purchased must be located within the Incorporated Limits of the City of Rockville.
- The applicant(s) may choose to use the R.E.A.C.H. loan for down payment and/or for closing costs. The maximum R.E.A.C.H. down payment and closing cost assistance shall be $12,000. It is an interest-free loan that must be repaid over Seven (7) years.
Contact Information
Housing & Community Initiatives, Inc.
640 E Diamond Ave Ste C
Gaithersburg MD 20877
Phone: 301-590-2765