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Up to $10,000 Homebuyer Assistance Program (HAP)!

Frederick County Home Buyers can receive up to $10,000 in Down Payment and Closing Cost Assistance

With Millennial Home Loans quick online loan application, determining if you qualify for a Frederick County HAP Loan and for how much, has never been easier.

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Frederick County HAP Loan Program Guidelines

Borrower Eligibility

  • Applicants must purchase a property in Frederick County
  • Applicant must currently either work or live in Frederick County
  • Total gross household income at or below 80% of the Frederick County area median income (AMI) limit established by the U.S. Department of Housing and Urban Development based on household size. See below:
    Household Size Homebuyer Assistance Program $10,000 Loan 50% AMI* Maximum Household Income Homebuyer Assistance Program $8,000 Loan 80% AMI* Maximum Household Income
    1 $41,050 $54,250
    2 $46,900 $62,000
    3 $52,750 $69,750
    4 $58,600 $77,450
    5 $63,300 $83,650
    6 $68,000 $89,850
    7 $72,700 $96,050
    8 $77,400 $102,250
    * Note: Frederick County Area Median Income (AMI) is the HUD Washington Metropolitan Statistical Area (MSA) median income.
  • First time Home Buyer's and previous homeowners, provided no homeownership within the last three years
  • Must qualify for a FHA, VA, or Conventional Loan
  • Borrower(s) must complete an 8 hour, first-time Home Buyer education from a HUD approved Housing Counseling Agency, such as Frederick Community Action Agency (301) 600-1506

Down Payment Requirements from Home Buyer

  • Minimum investment by the Home Buyer of $500

Home Inspection Requirements:

  • The Home Buyer must obtain their own home inspection completed by a licensed inspector

Eligible Properties

  • Existing homes
  • New Construction
  • Includes: single-family one-unit residence, townhomes, detached, condominiums, modular, and manufacture homes

Interest Rate

  • The interest rate on the HAP loan will be 0%
  • If the event of a default the outstanding balance will be come due and payable at an annual rate of 5.75%

Maximum Purchase Price

  • The maximum purchase price is $462,000

Maximum Debt-To-Income (DTI)

  • Debt-to-income ratio as determined by lender and/or automated underwriting system

Minimum Credit Score

  • The HAP program doesn’t require a specific credit score
  • Millennial Home Loans minimum credit scores guidelines, as dictated by our investors is as follows:
    • FHA: 580
    • VA: 580
    • Conventional: 620

Multiple Property Ownership

  • Not permitted

Occupancy Type

  • Primary residence only
  • No co-signers allowed, as all borrowers must occupy the property

Repayment Requirements and Affordability Period

  • Provide the property isn’t sold, refinanced, transferred, or converted to an investment property there is no repayment required