County residents interested in buying a home may qualify for a no-interest loan to assist with the down payment or closing costs under a county-administered program.

The Montgomery Homeownership Program will provide up to $25,000, or up to 40 percent of a prospective homeowners income (whichever is less), to approved buyers.

The buyers may also get a mortgage loan with a competitive rate from the Maryland Mortgage Program.

Applicants must be at least 18 years old to apply and have a valid social security number; U.S. citizenship is not required.

In addition, the applicant must be a first-time homebuyer, defined as someone who has not owned residential property for three years or more. However, a non-first time buyer may be eligible if they agree to purchase a home in a targeted area.

Finally, there are total household income limits for eligibility, which vary by location and the size of the household.

The no-interest loans must be repaid upon the sale, payoff or transfer of the home.

“I recommended the county begin offering this sort of down payment assistance three years ago, when I was on the council. I wanted to ensure that more people in the county had access to financial assistance that would help them purchase a home,” said County Executive Marc Elrich in a press release. “Programs like this enable us to create more pathways to homeownership that lead to new homeowners in Montgomery County.”

The county has committed $1 million in FY2020 to this program with the state of Maryland. 

Mike Diegel

Co-Founder/Editor at Source of the Spring
Mike Diegel, a founding member of Source of the Spring, is a Silver Spring advocate who has been appointed by the county executive to several committees and task forces. He currently is a member of the Silver Spring Arts & Entertainment District Advisory Committee. His background is in journalism and he earned a bachelor of arts in communications from McDaniel College. He is self-employed as a communications consultant and is an active volunteer with Appalachian Great Pyrenees Rescue. He has lived for more than 20 years in Northwood/Four Corners with his wife Trish and multiple Great Pyrenees dogs. He is better known around Silver Spring as the Guy with the Big White Dogs.
Program Offers Home Buyers Down Payment Assistance

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