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"Our greatest glory consists not in never falling, but in rising every time we fall."
– Oliver Goldsmith
HOPE VI Homeownership Information
Affordable Homeownership Program Summary
The HOPE VI Homeownership Program is a second-mortgage program, wherein eligible applicants obtain a first mortgage to purchase a home based on their family income. Funds from HOPE VI provide a second mortgage for the difference between the first mortgage and the sales price. The second mortgage is not required to be repaid until the sale of the home. The HOPE VI silent second mortgage can be used in three (3) distinct communities in Frederick, MD: Monocacy Woods, North Market Street and Vermont Court.
Homebuyers Eligibility Criteria
An applicant household for the HOPE VI Homeownership Program must:
- Have a stable, verifiable income of at least $25,000 per year. Total household income may not exceed 80% of the area median income according to the market
- Have sufficient creditworthiness to be able to secure a 30 year fixed market rate loan from a private lender at the maximum level commensurate with their income and the lender's underwriting criteria
- Have the ability to make a down payment of at least 1% of the purchase price out of personal resources
- Must be a first-time buyer
- Successfully complete a homeownership certification class as directed by the Housing Authority of the City of Frederick (HACF)
If you meet these qualifications, then don't miss out on this once-in-a-lifetime opportunity!
Start the process to achieving your dream of homeownership and call Janet Fogle, Homeownership Coordinator, at (301) 662-8173.
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