- Downpayment & Closing Cost Assistance
- Montgomery County
Summary
The Housing Opportunities Commission (HOC) Homeownership Program is a homebuyer assistance program in Montgomery County, Maryland. The program provides homebuyer education and counseling, down payment and closing cost assistance, and mortgage financing to eligible first-time homebuyers. The program offers several loan options, including a deferred loan with 0% interest and a loan that must be repaid over time with low fixed interest rates. The program also provides assistance to homeowners with refinancing and foreclosure prevention. Applicants must meet income and credit score requirements and purchase a home in Montgomery County that meets certain criteria.
Eligibility Requirements
- The applicant(s) must have a household income that is at or below the program's income limits, which vary depending on the size of the household and the location of the home being purchased.
- The purchase price of the home being bought must not exceed the program's maximum purchase price limit, which also varies depending on the location of the home being purchased.
- The home being purchased must be located in Montgomery County, Maryland, and must be the primary residence of the applicant(s).
- The applicant(s) must complete a homebuyer education course from an approved counseling agency prior to closing on the home.
- The applicant(s) must obtain a mortgage from an approved lender and meet their credit requirements.
- The applicant(s)must also have a minimum credit score of 640, have at least $1,000 of their own funds to contribute towards the down payment and/or closing costs, and not have any outstanding collections or judgments.
Contact Information
Housing Opportunities Commission
10400 Detrick Ave
Kensington, MD 20895
Phone: 240-627-9400
Email: info@hocmc.org