1. HOC DOWN PAYMENT ASSISTANCE

2. CLOSING COST ASSISTANCE PROGRAM
OFFERED BY HOC
 Are you a first time home buyer?
 Do you need help with a down payment?
 Then this Down Payment program offered by
HOC may be just right for you!

3. ANSWER YES THESE QUESTIONS.
 Are you a first time home buyer? YES
 Do you work in Montgomery County? YES
 Are you buying in Montgomery County? YES
 Do you meet the income limits? YES
 Your loan amount is under the max loan limits? YES

4. HOC DOWN PAYMENT ASSISTANCE PROGRAM
 The program is referred to as the 5 for 5 loan
 You may borrow 5% of the sales price up to a
maximum loan amount of $10,000 @ 5%
 HOC stands for Housing Opportunities
Commission -

5. HOW DOES IT WORK?
 FHA Financing is used for the Purchase money
 FHA requires a minimum down payment of
3.5%
 HOC finances the down payment &/or Closing
Cost
 Here is an example:
 Purchase Price - $200,000
 Down Payment - $ 7,000 (3.5% of $200,000)
 HOC Financing - $ 10,000 (5% of the sales
price)
 HOC covers the Down Payment and $3,000

6. HOW DOES IT WORK?
 You mean I can split the money towards
down payment and closing cost? YES
 What if I only want to borrow enough for just
the down payment, can I do that? YES

7. WHAT ARE THE LOAN TERMS?
 The rate for the FHA purchase loan is set by
HOC. Check their web site for the most up to
date quotes.
 The rate for the closing cost assistance program
is currently at 5% (apr 5%) based on a 10 year
term.
 $10,000 Loan @ 5% for 10 yrs
=$106.07/monthly

8. WHAT ARE THE INCOME LIMITS?
 One person - $86,268
 Two persons - $123,240
 Three or more - $143,780
 The income is based on GROSS total
household income, not just the income of
people on the loan.

9. MAXIMUM LOAN AMOUNT?
$429,619.00

10. IMPORTANT FACTS TO KNOW!
 Your lender MUST be on HOC’s approved lender list
 You must receive a first time home buyers certificate
 The time frame needed to process and close using
this program must to be written in your contract offer.
Normally 45 days.
 Monies DO run out time to time so you need to be
kept up to date. Check with Curt Hall for availability of
funds.

11. STILL HAVE QUESTIONS? CONTACT ME!
 I don’t want to include my spouse on the
loan?
 How does the down payment loan work with
the first mortgage loan offered by HOC?
 How do I fine out if I qualify for HOC
financing?
 Are there other down payment assistance
programs available?
 What if my credit is less than perfect, can I
still qualify for financing?

12. WE ARE AN APPROVED HOC LENDER!