Interfaith Housing Alliance Purchase-Repair Homeownership Program

What is Interfaith Housing Alliance Purchase-Repair Homeownership Program?

Interfaith Housing Alliance Purchase-Repair Homeownership Program is a first mortgage for homebuyers in Carroll|Frederick|Washington County, Maryland, administered by Interfaith Housing Alliance, Inc. (IHA).

• IHA's Purchase-Repair Homeownership Program provides affordable homeownership to families in USDA-RD designated rural areas of Carroll, Frederick, and Washington counties, Maryland, who would not otherwise qualify for a traditional mortgage. Features include no down payment, a below-market fixed interest rate, no PMI, and longer loan terms. IHA provides free comprehensive technical assistance from credit repair through post-purchase support.
• No down payment required.
• Below-market fixed interest rate.
• No private mortgage insurance.
• Longer loan terms to reduce monthly payments.
• Free IHA technical assistance.
• Ongoing post-purchase counseling.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from USDA Rural Development (USDA-RD).

Do you have to pay it back?

Interfaith Housing Alliance Purchase-Repair Homeownership Program is a first mortgage and is repaid under the terms set by Interfaith Housing Alliance, Inc. (IHA).

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Interfaith Housing Alliance Purchase-Repair Homeownership Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Interfaith Housing Alliance Purchase-Repair Homeownership Program sets its income limit as follows: Income limits set by USDA Rural Development by county and household size. Frederick County 1-4 person $97,800 / 5-8 person $129,100; Carroll County 1-4 person $97,750 / 5-8 person $129,050; Washington County 1-4 person $73,100 / 5-8 person $96,500.

• The limit applies to total household income, not only the borrower’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.

What kind of home can it be used for?

Interfaith Housing Alliance Purchase-Repair Homeownership Program can be used for Single Family.

• New construction is not eligible.
• Manufactured homes are not eligible.

Where does it apply?

Interfaith Housing Alliance Purchase-Repair Homeownership Program is a federal program, so it is not limited to Maryland.

• The program targets specific areas: USDA Rural Development designated rural areas within Carroll, Frederick, and Washington counties in Maryland.

How do you apply?

Applications for Interfaith Housing Alliance Purchase-Repair Homeownership Program go through Interfaith Housing Alliance, Inc. (IHA), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Interfaith Housing Alliance, Inc. (free counseling including credit repair, budgeting, loan prep, home repair/maintenance).

2. 2

   Contact Interfaith Housing Alliance, Inc. (IHA) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.