Gaithersburg Homebuyer Assistance Loan Program (GHALP)

Gaithersburg Homebuyer Assistance Loan Program (GHALP) is a deferred second loan for homebuyers in Gaithersburg, Maryland. The Gaithersburg Homebuyer Assistance Loan Program (GHALP) provides up to $25,000 in 0% interest deferred-payment second-mortgage assistance to first-time homebuyers purchasing primary residences within the City of Gaithersburg, MD. Administered by the City of Gaithersburg's Community and Public Relations Office and funded through City general-fund and HUD pass-through allocations. Up to $25,000 in down-payment and closing-cost assistance as a 0% interest deferred-payment second mortgage for first-time homebuyers purchasing within the City of Gaithersburg. No monthly payments. balance due upon sale, refinance with cash-out, transfer, or loss of primary-residence status. Funding comes from HOME, CDBG, Federal, and Local Government.

Gaithersburg Homebuyer Assistance Loan Program (GHALP) offers up to $40,000 in assistance. Homebuyer contribution: Minimum $1,000 borrower contribution from own funds. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Gaithersburg Homebuyer Assistance Loan Program (GHALP) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Deferred 0% second-mortgage repayable upon sale, refinance with cash-out, transfer, or loss of primary-residence status. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Gaithersburg Homebuyer Assistance Loan Program (GHALP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (no ownership of residential real estate in prior 3 years). On credit, the program states: 620 minimum FICO; max DTI 45%. A homebuyer education course is required, through HUD-approved housing counseling agencies; homebuyer-education certificate required. Residency requirement: Property within the City of Gaithersburg, MD; buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME / CDBG rules. Property must be located within the City of Gaithersburg and be the buyer's primary residence. First-time homebuyer required (no ownership of residential real estate in prior 3 years). Income approximately $106,470 (1-person) to $197,122 (8-person). Minimum FICO 620, max DTI 45%. Minimum borrower contribution $1,000 from own funds. HUD-approved homebuyer-education certificate required. Loan is 0% interest, deferred for the life of the loan; repaid upon sale, refinance with cash-out, transfer, or loss of primary-residence status.

Gaithersburg Homebuyer Assistance Loan Program (GHALP) limits household income to 120% of the area median income, which varies by county and household size. Household income at or below 120% AMI for the Washington-Arlington-Alexandria HMFA; approx 120% limits $137,676 (1-person) to $259,618 (8-person). Up to $40,000 (<=80% AMI) or up to $25,000 (81-120% AMI). The limit applies to total household income, not only the borrower&rsquo;s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Gaithersburg Homebuyer Assistance Loan Program (GHALP) caps the purchase price as follows: Per City of Gaithersburg annual program guidelines. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Gaithersburg Homebuyer Assistance Loan Program (GHALP) names veterans, educators, law enforcement officers, and firefighters among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Gaithersburg Homebuyer Assistance Loan Program (GHALP) serves homebuyers purchasing in Gaithersburg, Maryland.

Applications for Gaithersburg Homebuyer Assistance Loan Program (GHALP) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served subject to annual program funding. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.