HOC Loans | Montgomery County Purchase Program

 
TODAY'S  30 YR FIXED RATE : 3.625% w/ zero points 3.758% APR
LOAN RATES, INCOMES AND TERMS ARE SUBJECT TO CHANGE.  OTHER CONDITIONS MAY APPLY 
 Questions about HOC ? Contact HOC mortgage loan officer Dana Dudley
ddudley@monarchmtg.com
Phone: 240-403-1879
Fax: 240-403-1889
Cell Phone: 301-606-5818
The Montgomery County HOC mortgage program provides below market interest rate financing for First time home buyers in Montgomery County, MD.  This page will give you all the details you need and useful links. If you would like to be pre-approved for an HOC loan, you can contact Dana Dudley with Monarch Mortgage or another participating HOC lender today.

 

What are the benefits of an HOC mortgage?

 
HOC mortgages will typically be up to .5% lower than the "market" FHA rate. In addition, you may be eligible to apply for the "5 for 5" closing cost/downpayment assistance program.  
 

"5 for 5" downpayment assistance program

 
This program offers a 2nd lien that will be the lesser of 5% of the purchase price or $10,000. This money can be used for your downpayment or closing cost. HOC mortgages are FHA loans, this means that they will require 3.5% down payment.  Currently, FHA allows for the seller to pay up to 6% of the purchase price of your closing cost. With the seller paying your closing and utilizing the 5 for 5 program, it is possible to purchase a home with no money out of pocket! To be eligible for the program, one of the borrowers on the loan must work in Montgomery County.
 

How can I get an HOC interest rate?

 
  1. You MUST complete a homeownership education class prior to funds being reserved. Visit www.hcii.org for more information
  2. Contact a participating lender. You can contact me directly, or another lender on the HOC participating lender list. Your lender will assist you in determining how much you can afford.
  3. Find a home. Work with a Montgomery County Realtor to find a property that fits your budget and does not exceed the programs maximum purchase price of $429,619
  4. Once you have a ratified purchase contract, forward it to your lender and your HOC funds will be reserved for you. You will be required to obtain a home inspection report

How long does the entire loan approval process take?

 
The entire loan approval process for an HOC loan will typically take 30-60 days
 

HOC Income Limits

 
The numbers below reflect the maximum income allowed, depending on the size of your household. These number reflect the total members of your household, not just the borrowers on the loan.
 
Household size          Maximum Income
        1                                $86,268
        2                                $123,240
        3                                $143,780
 

Maximum Sales Price allowed

 
The maximum sales price for all HOC properties is $429,619
 

MPDU | Montgomery County Moderately Priced Dwelling Units

 
To apply for the Montgomery County MPDU Program, you must:
  1. attend a first time homebuyers class | 2011 Schedule
  2. attend a MPDU orientation seminar | MPDU Online Sign up
  3. attend a MPDU Application Session
For detailed information on the MPDU program, visit www.montgomerycountymd.gov/mpdu
 
 
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