Introduction:
For individuals aspiring to become homeowners, accumulating funds for a down payment often presents a significant challenge. Fortunately, Millennial Home Loans specializes in dismantling this financial hurdle, thereby rendering the dream of owning a home more achievable. The Frederick County Homebuyer Assistance Program or HAP is creating homeownership opportunities throughout Frederick County Maryland, with down payment assistance up to $12,000, for homebuyers currently living or working in Frederick County. In this blog post, we will explore the key benefits and eligibility requirements of this program, highlighting how it can open doors for individuals and families looking to own a home.
The Frederick County Homebuyer Assistance Program offers the following benefits:
- Down payment assistance up to $12,000
- 0% interest rate and deferred repayment on the down payment assistance amount
- Only has to be paid back when you sell, refinance, or convert the property to an investment property
- Can be used in conjunction with any government back loan programs, including FHA, USDA, and VA
- Available for all property types, including existing homes and new construction
- Easy and Simple Process. Lenders submits all paperwork to the County; the homebuyer only needs to take a first-time buyers class
How much down payment assistance will I qualify for?
| Household Size | Homebuyer Assistance Program $12,000 Loan 50% AMI* Maximum Household Income | Homebuyer Assistance Program $10,000 Loan 50% AMI* Maximum Household Income |
| 1 | $52,750 | $66,750 |
| 2 | $60,300 | $76,250 |
| 3 | $67,850 | $85,800 |
| 4 | $75,350 | $95,300 |
| 5 | $81,400 | $102,950 |
| 6 | $87,450 | $110,550 |
| 7 | $93,450 | $118,200 |
| 8 | $99,500 | $125,800 |
Introducing the Frederick County Homebuyer Assistance Program: Unlocking Homeownership Opportunities
