Mpdu program restrictions

These homebuyer classes are held online two or three times per month. Note: It is important to be on time for these sessions. If you are late, you will not be able to attend the class and you must reschedule. The MPDU program will accept a Certificate of Completion from another first-time homebuyer class, but only if the class:.

The MPDU office will need to review and approve the certificate from the other agency before you will be able to sign up for the Orientation Seminar. Please provide your FTHB certificate's information as soon as you have taken this class from an external agency, and before the Orientation Seminar class opens for registration.

Attend an MPDU Orientation Seminar where you will learn about the program benefits, application and selection processes, and program rules. If you are late, you will not be able to attend the seminar and you will have to reschedule. In order to limit potential virus exposure and improve security, the MPDU office has developed a confidential, secure online application system to take the Application Tutorial Class 3- formerly the Application Session , complete an online application form and upload application documents.

Before signing up for the Application Tutorial and submitting your application, you will need to validate your attendance at the first two required classes.

You will need to enter your Orientation ID. All MPDU classes are valid for two years. Following these steps will ensure that you receive your information in a timely manner. These requests should be made at the beginning of the loan process, not when the loan is ready to close.

Therefore, an owner must inform their lender that the unit is part of the Moderately Priced Dwelling Unit program. Please be aware that due to the resale price limit on the MPDU during the control period, as well as the shared profit requirement after the controls have expired, an owner who refinances for an amount in excess of the MPDU value will be in jeopardy of owing more money than they will be able to receive if the unit is sold.

It is important to note that the length of time you possess a rental certificate does not count towards the length of time you have been in the program for the purpose of establishing points in the lottery system refer to the information on the lottery process. How do I get a copy of my credit report? Credit reports may be obtained from one of the following credit reporting agencies:. You will not check my credit history, will you? Yes; your credit history will be reviewed by HCI Housing and Community Initiatives to verify whether or not you would qualify for a conventional mortgage.

I applied three years ago and received a certificate — do you still have my file? No; files are only kept for 60 days beyond the expiration date of the certificate unless you applied for a renewal. I do not have a job; can I still apply? Participants in the MPDU program must be able to pay a monthly mortgage payment or make a monthly rent payment. If you are not employed, you likely will not qualify for a mortgage or for a rental property.

If I am self employed, what will you accept in the place of a paystub? If you are self employed, you must submit a year-to-date income and expense statement prepared by either you or your accountant. Yes; incomplete applications will be returned. You must contact the Internal Revenue Service to request a summary statement of your previously files tax return.

The IRS does not charge a fee for transcripts. Allow two weeks for delivery. My last tax return shows more income than I now make. Will this affect my eligibility for the program? Probably not; we use paystubs to determine your current income. Your tax return is used to verify other information on your application.

My former spouse is on my last tax return, but we are separated. I am not applying with him; does this matter? Yes; We need verification of your separation -- either a separation agreement or a letter from your attorney verifying that you are seeking a separation. I just arrived in the U. What do I need instead of tax returns? You must provide documentation to verify the date of entry into the U. You must also contact the Internal Revenue Service to request a Form stating that you have not filed federal taxes in the last two years.

You can request this form by calling 1 I do not receive a paycheck stub. What can I submit instead? You can have your employer verify your annual income and year-to-date earnings on company letterhead or request your employer to complete an Income Verification Form available from our office. Do you provide financing for my home? Purchasers must receive their financing through a conventional lender like a bank , or through the Montgomery County Housing Opportunities Commission HOC.

Can I come into your office to get more information? Yes, you may come in during business hours. I received my certificate — what happens next? If your certificate is for sales, and you are eligible based on your family size and the size of MPDU being offered, you will receive a flyer notifying you of the next time a lottery will be held for units for which you will qualify.

If you are interested in the units being offered, you must return the completed lottery form by the date indicated. I lost my information about the homebuyer class — when is the next class? No; the program is only for first-time homebuyers. No; the program is only for first-time homebuyers and you were previously listed on the deed of your house. If you are required to temporarily relocate due to your job, you may ask permission from the County to temporarily rent your unit. Send a letter to the MPDU program to make such a request.

If you are granted permission, you must agree to extend the control period covenants and you must get a rental license from the County. Yes; the covenants on your MPDU are not tied to your mortgage.

The covenants are tied to the property itself. Therefore, paying off your mortgage, whether an HOC, FHA, or conventional mortgage does not relieve you of your obligation to adhere to the MPDU rules you agreed to when you purchased your property. How often are lotteries held?