Option 2 of the MPP

Option 2 of the MPP is a deferred second loan for homebuyers in Montgomery County, Maryland. DUPLICATE of record #16. The DPA One source PDF includes two rows for HOC's MPP Option 2 - one with provider 'Housing Opportunities Commission of Montgomery County' (correct) and one with provider 'Housing Opportunity Commission' (misspelled). This row preserves the misspelled-provider entry; both rows describe the same program. Option 2 of HOC's Mortgage Purchase Program (MPP) - first-mortgage product paired with up to $25,000 in down-payment assistance. (DUPLICATE row: source DPA One PDF lists provider as 'Housing Opportunity Commission' (singular, no 's'), which is a misspelling - the correct provider is 'Housing Opportunities Commission of Montgomery County.' Both rows kept per task instructions.). Funding comes from MRB, HFA, and Local Government.

Option 2 of the MPP 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.

Option 2 of the MPP 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: 640 minimum FICO. A homebuyer education course is required, through HUD-approved housing counseling agencies serving Montgomery County; HOC homebuyer-education class accepted. Residency requirement: Property within Montgomery County, MD; buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HOC MPP. Same as record #16. Property in Montgomery County; buyer's primary residence. First-time homebuyer required. Maximum household income approximately $119,532 (1-person) to $199,220 (8-person). Maximum purchase price $806,598. Minimum FICO 640.

Option 2 of the MPP limits household income to $199,220. 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.

Option 2 of the MPP caps the purchase price at $806,598. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Option 2 of the MPP serves homebuyers purchasing in Montgomery County, Maryland.

Applications for Option 2 of the MPP go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Lender-reserved through HOC's online lender portal. 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.