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Home » Down Payment Assistance Programs - Frederick County HAP » Guidelines
Frederick County Maryland - Down Payment Assistance
Up to $12,000 in down payment and closing cost help
Frederick County HAP Loan Program Guidelines
Borrower Eligibility
- Applicants must currently live or work in Frederick County
- Total gross income at or below 70% of the Washington MSA median income limit established by the U.S. Department of Housing and Urban Development based on household size. See below:
Household Size | Homebuyer Assistance Program $12,000 Loan 50% AMI* Maximum Household Income | Homebuyer Assistance Program $10,000 Loan 80% AMI* Maximum Household Income |
---|---|---|
1 | $54,150 | $68,500 |
2 | $61,900 | $78,250 |
3 | $69,650 | $88,050 |
4 | $77,350 | $97,800 |
5 | $83,550 | $105,650 |
6 | $89,750 | $113,450 |
7 | $95,950 | $121,300 |
8 | $102,150 | $129,100 |
*Note: Frederick County Area Median Income (AMI) is the HUD Washington Metropolitan Statistical Area (MSA) median income. |
- First time homebuyer’s and previous homeowners, provided no homeownership within the last three years
- Must qualify for a 30-year fixed rate mortgage
- Borrower(s) must complete a first-time homebuyer education from a HUD approved Housing Counseling Agency. For example: Frederick Community Action Agency. Phone number (301) 600-1506
Additional Requirements
- Must obtain a home inspection
- A one-year home warranty must be purchased at the settlement table
- Settlement must be conducted by an Attorney with an office in Frederick County
Down Payment Requirements
- Minimum $500 required from borrower’s own funds, regardless of the loan program
Eligible Properties
- Existing homes
- New Construction
- Includes: single-family one-unit residence, townhomes, detached, condominiums, modular, and manufacture homes
Maximum Mortgage Amount
- As dictated by the FHA, USDA, or VA loan program guidelines
Minimum Credit Score
- Millennial Home Loans minimum credit scores guidelines, as dictated by our investors is as follows:
- FHA: 580
- USDA: 620
- VA: 620
Multiple Property Ownership
- Not permitted
Occupancy Type
- Primary residence only
- No co-signers allowed
Repayment Requirements and Affordability Period
- Provide the property isn’t sold, refinanced, transferred, or converted to an investment property there is no repayment required