Revolving Closing Cost Assistance Program (RCCAP)

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Revolving Closing Cost Assistance Program (RCCAP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies serving Montgomery County; HOC homebuyer-education class accepted..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Lender-reserved through HOC's online lender portal; revolving fund., 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.