Montgomery County Executive Elrich Informs Homebuyers of Available Support through Montgomery Homeow
Montgomery County Executive Marc Elrich encourages residents to apply for the Montgomery Homeownership Program of down payment assistance. The program is accepting applications and is available to help homebuyers who qualify. Reservations will be accepted until the funds are fully committed.
Applicants who qualify and apply for the Montgomery Homeownership Program may access Down Payment Assistance loans in amounts up to $25,000 – or up to 40 percent of the household income of the prospective homeowner – whichever is less. Funds may be used for down payment or closing costs. Approved buyers also will receive a competitive rate Maryland Mortgage Program Loan to help complete their homebuying process.
“I am pleased that we are able to partner with the state to give people a chance to buy their first home,” said 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 leverages the Maryland Mortgage Program and is administered by the Maryland Department of Housing and Community Development, which provides similar down payment assistance across the state.
“The Maryland Department of Housing and Community Development values our partnership with Montgomery County,” said Maryland Assistant Secretary Matthew Heckles, who oversees the Maryland Mortgage Program. “Homeownership strengthens Maryland’s communities, and in high cost areas homeownership can often be out of reach. That is why this partnership with additional down payment and closing cost assistance up to $25,000 is particularly important in Montgomery County.”
These 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.
"For most people, purchasing a home will be the largest, single investment ever made," said Council President Sidney Katz. "The Montgomery Homeownership Program provides assistance to income-eligible residents who need help with a down payment or closing costs. I encourage all potential homebuyers in Montgomery County to see if they qualify for this financial assistance because homeownership provides stability and the potential to build wealth in our world-class community."
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 this program with the state of Maryland.
For more information or to apply, visit Montgomery Homeownership Program.
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Media Contact: Lorraine Driscoll, 240-461-5497