August 5, 2019

As One Path to Homeownership, Elrich Wants Homebuyers to be Aware of a Potential Funding Source

As part of Montgomery County’s ongoing efforts to provide more paths to homeownership, the County has committed $1 million in Fiscal Year 2020 to this program with the state of Maryland. 

Residents are encouraged to apply for the Montgomery Homeownership Program of down payment assistance. Applicants who qualify and are approved 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 home buying process.

For more information or to apply, visit the Montgomery Homeownership Program.