Garrett County Community Action recently announced that funding has been restored for first time homebuyer programs available to Garrett County residents. The program could cover up to 20% of the purchase price that can go towards the down payment and/or closing costs. This is especially beneficial because there is no interest changed on the loan. The loan is forgiven in its entirety in either 5 or 10 years, depending on if the loan is more or less than $15,000.
To receive the most benefit from the funding, applicants will apply through two local grants, the Pathway to Homeownership Grant and the additional block grant to fill in gaps if needed to get to the 20%.
To qualify for this program and the loan, applicants must meet designated income guidelines below 80% Average Monthly Income (AMI) for Garrett County. The property must be located in Garrett County and the applicant must reside in the residence full time. In addition, two First Time Homebuyer Workshops or the equivalent must be attended. The good news is that these classes can now be completed online in addition to in-person! The residence they’re intending to purchase can be a modular or double-wide home as long as it is on a permanent foundation.
A first-time homebuyer is defined as a person or a group of people who have not owned a home during the 3-year-period preceding the purchase of a home. For more information on this program, you can reach out to any local lending institution, or contact Garrett County Community Action directly at 301-334-9431.