Montgomery County Down Payment Assistance Program

Up to $12,600 Down Payment Assistance

Eligibility

  • Meet income guidelines (below 80% Area Media Income)
  • Complete a HUD-Approved Homebuyer’s Education Class
  • Have not owned a home in the last 3 years
  • Must be a Citizen of the U.S.A or a Permanent Resident Alien
  • Purchase a home in Montgomery County (outside the city limits of Conroe, i.e. does not pay the city of Conroe Taxes)
  • Maximum sales price set by HUD of $282,000 pre-existing homes, $292,000 new home
  • Debt to income ratio housing is 43%
  • Qualify for a 30 year fixed rate FHA, Conventional, USDA, or VA loan with a lender of your choice
  • Applicant required to have a minimum average of $500 in cash accounts
  • All properties must pass an HQS inspection conducted at the program’s expense before closing. Properties built before 1978 are subject to a visual assessment for deteriorated paint surfaces at the initial inspection to evaluate potential lead paint hazards. If the inspection determines the presence of lead, the property will not be considered eligible.
  • Double wide manufactured homes affixed to the slab and not older than 15 years are allowable
  • Subsidy covers down payment, closing costs & prepaid, with no cash back to borrowers at closing

Below 80% Area Median Income (AMI) Household Limits

Household Size Income Limit
1 Person $56,650
2 Person $64,750
3 Person $72,850
4 Person $80,900
5 Person $87,400
6 Person $93,850
7 Person $100,350
8 Person $100,800

Restrictions apply, based on funding availability.

 

If you would like additional information about, fill out the contact form.