◊

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.

◊

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 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 $98,400.

◊

Applicant(s) must attend HCI's 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.