The Housing Opportunities Commission of Montgomery County (HOC) provides competitive interest rate mortgages through its Mortgage Purchase Program (MPP) to qualified first-time home buyers purchasing in Montgomery County. The MPP is funded through a combination of the Commission’s sale of taxable or tax-exempt mortgage revenue bonds and Mortgage Backed Securities.

Down Payment and Closing Cost Assistance

HOC administers three separate closing cost and homebuyer assistance programs.

  1. County Closing Cost Assistance Program: HOC offers closing costs and down payment assistance (of 5% of the sales price up to $10,000) to any eligible first-time homebuyer who works in Montgomery County using the HOC First Trust Mortgage Program.
  2. Purchase Assistance: HOC offers purchase assistance (up to 3% of the sales price) for eligible first-time homebuyers using the HOC First Trust Mortgage Program. Eligible participants can use the assistance to cover down payment, closing costs, or other prepaid expenses.
  3. Montgomery County Homeownership Assistance Fund (“McHAF”): This closing cost program is used in combination with an HOC MPP first mortgage loan and provides substantial down payment and closing cost assistance. Households may receive a loan of up to 40% of their qualifying income for a maximum of $25,000. The loan is deferred for 10 years with a pro-rata portion due only upon sale, during the first 10 years, maybe subordinated with a refinance, and is forgiven after 10 years.
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