HOC DOWN PAYMENT ASSISTANCE

CLOSING COST ASSISTANCE PROGRAMOFFERED BY HOC

Are you a first time home buyer?

Do you need help with a down payment?

Then this Down Payment program offered by HOC may be just right for you!

ANSWER YES THESE QUESTIONS.

Are you a first time home buyer? YES

Do you work in Montgomery County? YES

Are you buying in Montgomery County? YES

Do you meet the income limits? YES

Your loan amount is under the max loan limits? YES

HOC DOWN PAYMENT ASSISTANCE PROGRAM

The program is referred to as the 5 for 5 loan

You may borrow 5% of the sales price up to a maximum loan amount of $10,000 @ 5%

HOC stands for Housing Opportunities Commission -

HOW DOES IT WORK? FHA Financing is used for the Purchase money FHA requires a minimum down payment of 3.5% HOC finances the down payment &/or Closing Cost Here is an example: Purchase Price - $200,000 Down Payment - $ 7,000 (3.5% of $200,000) HOC Financing - $ 10,000 (5% of the sales price)

HOC covers the Down Payment and $3,000 towards Closing Costs!! (remember the max amount is $10,000)

HOW DOES IT WORK?

You mean I can split the money towards down payment and closing cost? YES

What if I only want to borrow enough for just the down payment, can I do that? YES

WHAT ARE THE LOAN TERMS?

The rate for the FHA purchase loan is set by HOC. Check their web site for the most up to date quotes.

The rate for the closing cost assistance program is currently at 5% (apr 5%) based on a 10 year term.

$10,000 Loan @ 5% for 10 yrs =$106.07/monthly

WHAT ARE THE INCOME LIMITS?

One person - $86,268

Two persons - $123,240

Three or more - $143,780

The income is based on GROSS total household income, not just the income of people on the loan.

MAXIMUM LOAN AMOUNT?

$429,619.00

IMPORTANT FACTS TO KNOW! Your lender MUST be on HOC’s approved lender list

You must receive a first time home buyers certificate

The time frame needed to process and close using this program must to be written in your contract offer. Normally 45 days.

Monies DO run out time to time so you need to be kept up to date. Check with Curt Hall for availability of funds.

STILL HAVE QUESTIONS? CONTACT ME!

I don’t want to include my spouse on the loan?

How does the down payment loan work with the first mortgage loan offered by HOC?

How do I fine out if I qualify for HOC financing?

Are there other down payment assistance programs available?

What if my credit is less than perfect, can I still qualify for financing?

WE ARE AN APPROVED HOC LENDER!