R.E.A.C.H.
| ◊ | R.E.A.C.H. is a joint venture between the City of Rockville and HCI., a non-profit charitable corporation. The City of Rockville has provided the funds to assist first-time home-buyers with down payment and closing cost assistance related to the purchase of a home. Housing & Community Initiatives, Inc. manages all functions of the operation, coordinating, and contributing services. |
| ◊ | R.E.A.C.H. applicants must meet the program criteria, qualify for a home mortgage, and be able to repay the R.E.A.C.H. loan. This creates a revolving fund that is perpetually replenished. |
| ◊ | The R.E.A.C.H. program will address a segment of the population that can afford a monthly mortgage payment but have not been able to save a sufficient amount for a down payment and/or closing costs to buy a house. |
To Qualify for a R.E.A.C.H Loan:
| ◊ | Applicant(s) must live or work within Incorporated Limits of the City of Rockville. |
| ◊ | The property being purchased must be located within the Incorporated Limits of the City of Rockville. |
| ◊ | Applicant(s) must be a first-time homebuyer (not having owned a home within the last 3 years). |
| ◊ | Applicant(s) must have a total household annual income of less than or equal to $129,000. |
| ◊ | Applicant(s) must attend a First-Time Home-buyers Seminar. |
| ◊ | Applicant(s) must pre-qualify for a mortgage loan. The maximum R.E.A.C.H. down payment and closing cost assistance shall be $12,000. It is an interest-free loan that must be repaid over Seven (7) years. |
| ◊ | Applicant(s) may choose to use the R.E.A.C.H. loan for down payment and/or for closing costs. |
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Applications will be processed on a first-come, first-served basis. |