HOC Program Highlights
HOC of Montgomery County | At-A-Glance
HOC of Montgomery County | At-A-Glance
AVAILABLE PROGRAMS | Mortgage Purchase Program (MPP) |
ELLIGIBLE AREA | Montgomery County, MD |
ELIGIBLE BORROWER(S) | Each adult occupant must be a first-time buyer. |
RATES | See Chart |
DPA AVAILABLE | HOC offers downpayment and/or closing cost assistance which can be combined with the HOC first mortgage in the MPP. The assistance can be used only to pay for various closing fees or the downpayment . |
LOAN TYPE | FHA, Fannie Mae HFA Preferred and Freddie Mac HFA Advantage |
INCOME LIMITS | Income Limits |
PURCHASE LIMITS | Purchase Price Limits |
TIMELINE REQUIREMENTS | 60 days from loan reservation to loan purchase |
HOMEBUYER EDUCATION | At least one borrower in the household must provide a certificate of completion of a first-time homebuyer education class: More Info |
PROGRAM GUIDELINES | Guidelines |
PARTICIPATING LENDERS | Participating Lenders |
Check Out Today’s Rates & Offerings
HOC of Montgomery County | Rates & Offerings
Mortgage Purchase Program Housing Opportunities Commission (HOC) Mortgage Purchase Program First-time buyer requirement (borrower and spouse including NPS) no homeownership in the past 3 years
Reservation to HOC Pre Closing Package
Reservation to US Bank Loan Purchase is 120 daysSettlement 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:
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Offering | Option 1 w/o Purchase Assistance | Option 2 w/Purchase Assistance | Option 3 McHAF | |||||
MPP FHA | 5.875% | 6.625% | 6.000% | |||||
Fannie Mae & Freddie MacConventional 95 Loans(LTV up to 95%) | 6.000% | 6.750% | 6.250% | |||||
Fannie Mae & Freddie MacConventional 97 Loans(LTV 95.01% – 97%) | 6.125% | 6.875% | 6.375% |