You may have heard of the Maryland Mortgage Program (MMP) from word-of-mouth or seen its advertisements “on a fast-moving bus or from a flyer you picked up at an event.” Overall, the program is designed to help future Maryland homeowners find a safe and secure home loan from Maryland’s Housing Finance Agency. The program promises down payment and closing cost assistance, a 30-year fixed mortgage rate, homebuyer education and Maryland HomeCredit. All of this may be a lot of information to digest, so here is Ryan Home’s at Brunswick Crossing’s quick fact sheet about everything the Maryland Mortgage Program has to offer:
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Only first-time Maryland homeowners are eligible to be a part of the program. The program’s criterion is largely based upon household income. Other factors include age, location of your home, current debt, employment status, credit history and social security, determined by your lender.
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You must complete the Homebuyer Education Course before you can be approved for the entire program. Check the requirements for each county in Maryland here.
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The Down Payment Assistance (DPA) is a loan that can be up to $5,000. With the help of partner organizations and local government called Partner Match Programs, your loan can be significantly helped past that original amount.
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Participating lenders in the MMP are trained before they are allowed to “originate, process and close on MMP home loans.” You can find your local lender by selecting your county then searching based on experience.
Tip: Homebuyers can also use their preferred lender, but in order to receive Maryland HomeCredit, the lender must be a part of MMP. They can sign up and fill out an application here.
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You will receive free information about choosing a real estate agent for your home, including the State of Maryland’s Real Estate Commission’s information sheet.
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MMP provides a free monthly mortgage payment calculator based on purchase price, loan term, interest rate and down payment.
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MMP is not funded by taxpayers. According to its website, “the Community Development Administration raises the funds in the national municipal bond markets.”
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Maryland HomeCredit is good for the duration of your principal loan amount. Homebuyers can use it every year while the principal loan is active, but it cannot be transferred to another property.
As a first-time homebuyer, there is a lot on your mind, but the Maryland Mortgage Program can make it easier with helpful information from their lenders, real estate agents and the local government. Go online to see all of the specific fact sheets for more details about all of the available programs and rates. You can also download an information packet about the MMP.
