The Maryland Mortgage Program

What if I told you there was a way to buy a home today and get access to funds to cover your closing costs or part of your downpayment?  Well?!

There are actually a number of different programs for buyers today to access free money towards closing costs and downpayment, but you have to know where to look.  Enter in, your favorite realtor. One super popular program in our area is the Maryland Mortgage Program (or MMP).  And for our clients in other states, there are similar programs like this.

The Maryland Mortgage Program is a phenomenal product that if you can get approved can make a big difference in your next home purchase.  Not only do these offer closing down payment and closing cost assistance, these are fixed interest loans and because they are government backed, that means they often can provide lower interest rates and more favorable loan terms.

1) With this program, like others, there are certain restrictions and requirements.  The first is that you need to be a first time Maryland home buyer, which means that you can not have owned a home in Maryland in the past 3 years.  In some cases if there are certain targeted areas of the state, you may not need to even be a first time MD homebuyer though!

2) With the MMP loan, there is a required homebuyer education course that is required to take, however most first time homebuyers find this beneficial in understanding more about the homebuying process.

3) With this program there are credit score minimums and income limitations.  However, in the Frederick County area for example that is currently just under $181,000 for individuals or couples, and just under $211,000 for families of 3 or more!

4) Lastly, there are some price limitations for the total purchase price and loan amount depending on the area. However, in the Frederick County area for example that is currently up to a total purchase price of 1,110,407 in non target areas and 1,357,164 in target areas with a max loan amount ot $726,200. 

Not too shabby.