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With Millennial Home Loans quick online loan application, determining if you qualify for a Frederick County HAP Loan and for how much, has never been easier.
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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 | $86,650 |
| 2 | $61,900 | $99,000 |
| 3 | $69,650 | $111,400 |
| 4 | $77,350 | $123,750 |
| 5 | $83,550 | $133,650 |
| 6 | $89,750 | $143,550 |
| 7 | $95,950 | $153,450 |
| 8 | $102,150 | $163,350 |
| *Note: Frederick County Area Median Income (AMI) is the HUD Washington Metropolitan Statistical Area (MSA) median income. Use of uncapped 80% AMI is at the discretion of the Director of the Division of Housing and based on housing market conditions. |
- 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
