What’s Changed with Montgomery County Real Estate?
In 2005 Montgomery County passed the “House Keys 4 Employees” program. This program allows a county employee to purchase
Montgomery County, Maryland real estate as long as financed by a Maryland Program. The way this program works, is the employee will be receiving down payment or closing cost help from their employer. With the house 4 keys program when you purchase your
Montgomery County MD real estate you can receive matching contributions of up to $5,000 from the state. The way that this matching program works is that the state grants you an interest free loan to help you purchase your home. This loan must be repaid if you ever refinance or sell your
Montgomery County MD home. In order to be able to qualify for this program your employer must be signed up to participate in the House Keys 4 Employees Program. An interesting fact to note, is the state of Maryland will match the contribution of the employers who are signed up for this program. One of the main hopes that some county council members have for this program is that it will allow county employees to become owners of
Montgomery County MD real estate near where they work.
How the House Keys 4 Employees program works
- The program must be used with a Maryland Financing Program
- The buyers total household income limit
- 1 to 2 people $ 94,500
- 3 or more people $ 108, 675
- House must cost no more then $ 429,620
- The States approve lenders must process loans
- Loans must be 30 or 40 year amortized loans
- The loans are interest only loans
- The loans will have a fixed low rate for the life of the loan
- The Department of Housing and Community Development will match the employers who are participating in this program up to $ 5,000. However through certain companion programs of smart keys 4 employees they will match up to $ 10,000.
- This program is considered a smart growth initiative
- If buyer is purchasing his or her house within 10 miles of where they work the state will double the match of the employer’s contribution, of up to ten thousand dollars. This house must also be located in what is considered a priority funding area.
- One of the beneficial features that comes from this program is that it will allow first time home buyers to be able to purchase a property that in other circumstances would be considered out of their reach.
