FAQ
Frequently Asked Questions About Working With Maryland Home Owner Community !
What is the Maryland Mortgage Program?
The Maryland Mortgage Program (MMP) provides 30-year fixed-rate home loans to eligible homebuyers purchasing in Maryland. Loan terms are competitive with other home loan products on the market, but what makes MMP unique is the range of associated financial incentives and other assistance that, for many homebuyers, means the difference between being able to purchase and continuing to rent. MMP down payment assistance can only be obtained with an MMP first mortgage; it is not a standalone option.
Home Loans
All home loan products available through MMP are 30-year, fixed-interest rate mortgages. There are a few different types of home loan products, and they generally vary by the kinds of downpayment and closing cost assistance that are available with them. The main loan product types available through MMP are 1st Time Advantage, Flex and a variable number of Specialty Products that usually run for a limited time.
Down Payment and Closing Cost Assistance
Down payment and closing cost assistance is money that you can use to meet the requirements for securing a home loan, and which makes the purchase a of a home more affordable. Funds available for down payment and closing costs may be provided in the form of a grant or as a deferred, no-interest loan.
Partner Match Program
Many organizations and employers in Maryland have programs to help homebuyers including grants, loans and other helpful assistance. If you’re using the 1st Time Advantage 6000 or the Flex 6000, and you are receiving assistance from one of the employer, builder or community partners listed, you may be able to receive matching funds up to $2,500. The match funds come in a zero percent loan and are repayable when the first mortgage gets paid off.
Home Buyer Education?
Homebuyer education, sometimes called housing or pre-purchase counseling, helps homebuyers prepare for the journey of purchasing a home and the many new challenges of being a homeowner. For some Maryland Mortgage Program loans, completing homebuyer education is a requirement. Note that in some jurisdictions, specific course providers or course types must be completed to meet full eligibility for a Maryland Mortgage Program loan.
Who Administers the Maryland Mortgage Program?
The Maryland Mortgage Program is provided by the Maryland Department of Housing and Community Development (DHCD).
The agency’s Division of Development Finance, also known as the Community Development Administration (CDA), is the state’s Housing Finance Agency, a state-chartered authority that helps meet the affordable housing needs of the residents of Maryland.