Frederick County Homebuyer Assistance on the way

Homebuyer Assistance is on its way for Frederick County. The Neighborhood Conservation Initiative receive only half of what the originally applied for, but half is way better than nothing at all. Here are some of the details emailed to me by the County. Give me a call if you are ready to see what you can buy in today’s market.

Frederick County Homebuyer Assistance Loan Programs

Department of Housing and Community Development (DHCD)

520 North Market Street

Frederick, MD  21701

APPLICATION FOR ASSISTANCE WITH DOWN PAYMENTS AND CLOSING COSTS

The following are applicable to all programs:

• A ratified sales contract must be submitted with the application.
• House price caps may exist depending on funding source (e.g., FHA, USDA, CDA, Fannie Mae).
• Loans have 0% interest and are deferred.
• The home must be the primary residence and in Frederick County.

• DHCD prepares and records lien documents to secure repayment to the BOCC.  The lien documents are recorded after settlement with DHCD and disbursement of the funds.
• The lien documents require repayment on: 1) the earlier of the sale, refinance or transfer of title on the property; or 2) when the property is no longer the primary residence of the owner.
• Income limits apply to all programs and are a percentage of the Washington area median income (AMI) limit set by the U.S. Department of Housing and Urban Development (HUD) and updated annually.

Programs may be used together, if applicable.
Neighborhood Conservation Initiative (NCI)

1. Have a total gross income at or below 120% HUD AMI.
2. Purchase a foreclosed home.
3. Purchase a home in a ZIP code area of 21701, 21702, 21703 or 21716.
4. Complete a 16-hour homeownership education and counseling program through the Frederick Community Action Agency (FCAA); 8 hours before settlement.
5. Obtain a home inspection and home warranty.
6. Have an Energy Audit completed before settlement (provided by FCAA).

Homebuyer Assistance Program (HAP)

1. Have a total gross income at or below 70% of the Washington AMI.
2. Be a first time homebuyer.

American Dream (used with USDA mortgage only)

1. Household income is subject to income, credit, and affordability criteria of the HOME program and USDA.
2. Be a first time homebuyer.
3. Purchase a home located outside of Frederick City in a rural area of the county as determined by USDA.
4. Use the USDA determination of house price limits.
5. Complete a homeownership counseling program.

Bob is a licensed Real Estate agent in Maryland and Pennsylvania. You can contact him via email at bob@gotbob4homes.com or call him on his cell phone at 240-285-4918.  Bob left the Frederick area to manage a resort office near Deep Creek Lake in Western Maryland. He still stays in touch with the area that he has grown to love.