Revolving Closing Cost Assistance Program (RCCAP)

Revolving Closing Cost Assistance Program (RCCAP) is a deferred second loan for homebuyers in Montgomery County, Maryland. The Revolving Closing Cost Assistance Program (RCCAP) is HOC of Montgomery County's revolving-fund closing-cost assistance product, providing up to $10,000 as a 0% interest deferred-payment second mortgage. Repayments from prior buyers fund future assistance, hence 'revolving.' Paired with HOC's MPP first mortgage. Up to $10,000 in closing-cost assistance as a 0% interest deferred-payment second mortgage paired with HOC's MPP first mortgage. The RCCAP is a revolving fund that recycles repayments back into closing-cost assistance for future buyers in Montgomery County. Funding comes from HFA and Local Government.

Revolving Closing Cost Assistance Program (RCCAP) 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.

Revolving Closing Cost Assistance Program (RCCAP) 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. 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. HOC-approved homebuyer-education class required. RCCAP is 0% interest, deferred for the life of the loan.

Revolving Closing Cost Assistance Program (RCCAP) 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.

Revolving Closing Cost Assistance Program (RCCAP) 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.

Revolving Closing Cost Assistance Program (RCCAP) serves homebuyers purchasing in Montgomery County, Maryland.

Applications for Revolving Closing Cost Assistance Program (RCCAP) 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; revolving fund. 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.