Main Street Home Loans April 23, 2024

Maryland Mortgage Program

Understanding the Maryland Mortgage Program: A Guide for Homebuyers

If you live in Maryland and are thinking about buying a home, the Maryland Mortgage Program (MMP) can help make homeownership more affordable. Whether it’s your first home or you’re moving again, MMP has several options to consider.

What Does the MMP Offer?

The MMP offers a variety of loans, including conventional loans, and those supported by the FHA, VA, and USDA. Here’s a quick look at some of the key programs:

  1. Flex 6000 and 1st Time Advantage $6,000: These programs offer a $5,000 second mortgage to help with down payments and closing costs. This loan doesn’t charge interest and payments are deferred. You need a minimum FICO score of 640 to qualify.
  2. Flex 3% Grant and 1st Time Advantage 3% Loan: These provide help with your down payment by offering a grant or loan equal to 3% of your mortgage.
  3. SmartBuy 3.0: This program helps you pay off up to $20,000 in student loan debt, with a required minimum credit score of 720.
  4. 1st Time Advantage Direct: This usually offers the lowest interest rate available through MMP, for buyers with a FICO score of 640 or higher.
  5. 1st Time Advantage 4% & 5% DPA Program: This offers loans to help with your down payment equal to 4% or 5% of your mortgage.
  6. 1st Time Advantage 6%: This is designed for individuals earning less than 50% of the Area Median Income, offering substantial financial help.

Things to Consider

Before choosing a mortgage through MMP, make sure the program fits your financial needs. You’ll need to take a homebuyer education class and secure both a 1st and 2nd mortgage on your property. Each program has its own requirements.

Staying Informed

MMP’s features can change, so it’s important to keep up-to-date. For more information, you can speak to a specialist like Trent Riggs, or check the MMP’s official website for the latest details.

The Maryland Mortgage Program offers a range of tools to help you buy a home in Maryland, making it easier to manage the costs associated with purchasing a home. Whether you’re buying for the first time or moving within the state, MMP can provide valuable assistance.

Trent Riggs
Home Loan Consultant
NMLS # 2143938
479 Jumpers Hole Road
Severna Park, MD 21146