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Mortgage Finance Homeownership Programs


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For Lenders | Special Programs for HOC Residents | HOC Existing Loan Customers

Mortgage Purchase Program (MPP)

Purchasing a home is the largest financial transaction most people will make. The Housing Opportunities Commission (HOC) is committed to providing first time homebuyers with information to help them make responsible financial decisions as they prepare for homeownership.
 
Information about the Commission’s Mortgage Purchase Program (MPP) can be found on this site by clicking on the subjects in the left hand margin or headings at the top of the page.
 
  • Each adult occupant of the property must be a first time home buyer.
  • The definition of a first time home buyer is someone who has not had any ownership interest in his/her primary residence anywhere during the last 3 years.
  • HOC does not provide homes to purchase; buyers must locate their own home to purchase.
  • Borrowers apply directly to the HOC participating lender of their choice; not to HOC.
  • There is no waiting list for the MPP.
  • Borrowers do not have to be a current resident of Montgomery County.
  • Borrowers do not have to be working in Montgomery County to use the MPP. (Also see closing cost assistance).
  • U.S. citizenship is not a requirement.
  • MPP requires a home inspection for resale (previously occupied) properties.
  • At least one borrower in the household must provide a certificate of completion of a first time homebuyer education class.
  • Household income cannot exceed HOC’s maximum income limits.
  • The sales price of the property cannot exceed the maximum limit.
  • Montgomery County properties only. Eligible Property/MPDU
  • At least one borrower must attend settlement in person.
  • A power of attorney for a buyer must be approved by HOC prior to settlement.
  • Each borrower must have a credit score no lower than 640. See Free Credit Report.
  • Each borrower is required to provide the lender with a signed copy of his/her complete federal income tax returns for the last 3 years or a valid reason for not having to file.
  • The MPP does not have a resale restriction on properties.
  • MPP loans may be paid off at any time without penalty.
  • The buyer is not allowed to rent back from the seller for more than 30 days.