Mortgage Purchase Program

 
PROGRAM FUNDS
  • Continuous Funding
  • Reservations are accepted only Mon-Fri 10 am – 8 pm EST, excluding holidays
  • eHP System for other features is available 24/7, 365
ELIGIBLE AREAS
  • Montgomery County
LOAN TIME LINE REQUIREMENTS
  1. Reservation to HOC Pre Closing Package  
    • HOC will review within 48 hours
    • Post-Closing Compliance Review- What is the timeline to delivery to HOC.
    • Within 10 days of settlement, forward closed loan to US BANK. (HOC’s Master Servicer) follow their U.S. Bank FHA Loan Delivery Checklist.
    • Within 10 days of settlement, forward a post compliance package to HOC (follow MBS Post-Closing Compliance Checklist) for pre purchase approval.
    • Reservation to Lock expiration is 60 days
  2. Reservation to US Bank Loan Purchase is 120 days 
  3. Extensions as per below
EXTENSIONS 
  • Settlement of loans MUST take place within 60 days from reservation data in eHP System.The interest rate reserved will be locked for 60 days only.  If Settlement occurs AFTER the 60 day Reservation to Purchase requirement period, the following applies:
    1. A one-time 15 Day Extension at the same interest rate can be granted; approval from HOC is requried PRIOR to the expiration of the lock.  Lenders MUST request this extension by using the EXTENSION FORM and submit timely.
    2. A second option is available for loans that cannot settle within this one-time 15 day extension period; please note that no more than a 30 day total extension period will be granted.  These loans will close at the HIGHER of the (1) interest rate of the original lock,  or (2) the interest rate at the time of the extension.
ELIGIBLE BORROWER
  • All borrower(s) and or Spouses must be first-time home buyers
ELIGIBLE LOAN TYPES
  • FHA 
  • Fannie Mae HFA Preferred 
  • Freddie Mac HFA Advantage 
    • Please reserve as per findings on DU & LPA
AVAILABLE DOWN PAYMENT ASSISTANCE
  • 3% of the Purchase Price 
INCOME LIMIT CRITERIA
  • All income of the household.  Anyone living in the property over the age of 18
  • Maximum by Household
    • 1 Person $105,840
    • 2 Person $151,200
    • 3 and More $176,400
HOME ACQUISITION LIMITS
  • Maximum Sales Price $653,883
HOME BUYER EDUCATION
  • At least one borrower must complete.  Read more
FICO SCORE REQUIREMENT
  • Applies to all borrowers
  • Max DTI 45%
  • Min FICO 660 FHA, 640 Conventional
CO-SIGNERS
  • Co-Signers are not permitted for this program.
LENDER PARTICIPATION
FORMS AND DOCUMENTATION
  • Required forms are also found on the Agency Forms Page
AGENCY WEBSITE
  • Additional information about the Montgomery County Programs can be accessed via the Agency’s website.
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • Contact US Bank, Click here.

 Current Rates* – Reservation Locks are available on business days from 10 am-8 pm EDT

 

Offering  OPTION 1:

w/o Purchase Assistance

 OPTION 2:

with 3% Purchase Assistance

 OPTION 3:

McHAF   First Mortgage Rate
MPP FHA (640 Fico) 5.250% 6.000% n/a
Fannie Mae & Freddie Mac Conventional 95 Loans        (LTV up to 95%) 5.375% 6.125% n/a
Fannie Mae & Freddie Mac Conventional 97 Loans        (LTV 95.01% – 97%) 5.500% 6.250% n/a

 

  • No origination or discount points allowed

DPA

  • Option 1 rate has no downpayment assistance
  • Option 2 rate has 3% of the Purchase Price as downpayment assistance
  • Must be reserved online

Other:

  • Montgomery County Closing Cost Assistance Loan – “5 for 5” – for information contact the HOC team.

 

The following is a list of Approved Lenders (both US Bank & HOC) and attended Program Training:

  • Academy Mortgage Corp.
  • Apex Home Loans, Inc.
  • Caliber Funding LLC.
  • Embrace Home Loans, Inc.
  • Fairway Independent Mortgage Corporation
  • Fidelity Bank, National Association
  • First Home Mortgage Corp
  • HomeBridge Financial Services, Inc.
  • Lennar Mortgage, LLC
  • loandepot.com
  • Lower, LLC ( previously Homeside Financial LLC.)
  • Mortgage Access Corp
  • Movement Mortgage, LLC
  • NFM, Inc. dba NFM Lending
  • NVR Mortgage Finance, Inc.
  • Presidential Bank, FSB
  • PrimeLending, a Plains Capital Company
  • Prosperity Home Mortgage, LLC
  • Sandy Spring Bank
  • TowneBank Mortgage

 

Interested in becoming a participating lender?  Contact us.