Housing Opportunities Commission of Montgomery County, MD

Housing Opportunities Commission of Montgomery County, MD (HOC) – Mortgage Purchase Program

PROGRAM FUNDS
  • Continuous Funding
  • Reservations are accepted only Mon-Fri 10 am – 8 pm EST, excluding holidays
  • eHP System for other features is available 24/7, 365
ELIGIBLE AREAS
  • Montgomery County
LOAN TIME LINE REQUIREMENTS
  1. Reservation to HOC Pre Closing Package  
    • HOC will review within 48 hours
    • Post-Closing Compliance Review- What is the timeline to delivery to HOC.
    • Within 10 days of settlement, forward closed loan to US BANK. (HOC’s Master Servicer) follow their U.S. Bank FHA Loan Delivery Checklist.
    • Within 10 days of settlement, forward a post compliance package to HOC (follow MBS Post-Closing Compliance Checklist) for pre purchase approval.
  2. Reservation to US Bank Loan Purchase    = 60 days – Rate Locks Expires
  3. Extensions as per below
EXTENSIONS 
  • Settlement of loans MUST take place within 60 days from reservation data in eHP System.The interest rate reserved will be locked for 60 days only.  If Settlement occurs AFTER the 60 day Reservation to Purchase requirement period, the following applies:
    1. A one-time 15 Day Extension at the same interest rate can be granted; approval from HOC is requried PRIOR to the expiration of the lock.  Lenders MUST request this extension by using the EXTENSION FORM and submit timely.
    2. A second option is available for loans that cannot settle within this one-time 15 day extension period; please note that no more than a 30 day total extension period will be granted.  These loans will close at the HIGHER of the (1) interest rate of the original lock,  or (2) the interest rate at the time of the extension.
  • If final settlement does not take place within this maximum 90 day period, you will not be able to re-reserve the loan for another 60 days (60 days after the final expiration date)
ELIGIBLE BORROWER
  • All borrower(s) and or Spouses must be first-time home buyers
ELIGIBLE LOAN TYPES
  • FHA
  • HFA Preferred
AVAILABLE DOWN PAYMENT ASSISTANCE
  • 3% of the Purchase Price – See Rates Tab
INCOME LIMIT CRITERIA
  • Maximum by Household
    • 1 Person $91,728
    • 2 Person $131,040
    • 3 and More $152,880
HOME ACQUISITION LIMITS
  • Maximum Sales Price $596,000
HOME BUYER EDUCATION
  • At least one borrower must complete.  Read more
FICO SCORE REQUIREMENT
  • Applies to all borrowers
  • Max DTI 45%
  • Min FICO 640
CO-SIGNERS
  • Co-Signers are not permitted for this program.
LENDER PARTICIPATION
FORMS AND DOCUMENTATION
  • Loan forms are on line within the eHP System.  After you login, click on FORMS.  Additional required forms are also found on the Agency Forms Page
AGENCY WEBSITE
  • Additional information about the Montgomery County Programs can be accessed via the Agency’s website.

 Current Rates* – Reservation Locks are available on business days from 10 am-8 pm EDT

 

Offering  OPTION 1:

w/o Purchase Assistance

Effective  OPTION 2:

with 3% Purchase Assistance

Effective 
FHA Only 3.250% 7/25 4.125% 7/6
HFA Preferred – LTV < =95% 3.875% 9/18 4.625% 9/19
HFA Preferred – LTV > 95% 4.00% 9/18 4.75% 9/19

 

  • No origination or discount points allowed

DPA

  • Option 1 rate has no downpayment assistance
  • Option 2 rate has 3% of the Purchase Price as downpayment assistance
    • Must be reserved online

Other:

  • Montgomery County Closing Cost Assistance Loan – “5 for 5” – for information contact the HOC team.

 

The following is a list of Approved Lenders (both US Bank & HOC) and attended Program Training:

  • Academy Mortgage Corp.
  • Apex Home Loans, Inc.
  • Caliber Funding LLC.
  • Eagle Home Mortgage, LLC.
  • Embrace Home Loans
  • First Home Mortgage
  • First Mariner Bank
  • HomeBridge Financial Services, Inc.
  • Homeside Financial LLC.
  • Howard Bank Mortgage
  • loandepot.com
  • Mortgage Access Corp dba Weichert Financial Services
  • New America Financial Corporation
  • NVR Mortgage Finance, Inc.
  • Presidential Bank Mortgage
  • PrimeLending, a Plains Capital Company
  • Prosperity Home Mortgage, LLC
  • TowneBank Mortgage

 

Interested in becoming a participating lender?  Contact us.

Program Updates
  • 5/9 – New 2016 AB Program – loans to originate in new program
  • 11/1 – Income & Purchase Price limits increase.
  • 4/11- Notice of Rate change sent. Lenders: Lenders are approved by both US Bank and HOC. Once your Company is approved, your Company name would be listed below and given access to the Program. Everyone associated with the program must attend FLEX program training. After you attend training, you are notified and at that point you should request access (click here). Users: User Credentials (Login and Password) are processed and we will send you an email with your USERNAME and a temporary PASSWORD. After you log in for the first time, you will be prompted to change your password. All Users must have attended Training in order to be granted User Credentials.

EhousingPlus University

For Program Training, lenders can access the training information here.

To register for eHP System training, Click here.