Are you a first-time or repeat homebuyer planning to apply for down payment assistance in Maryland? If so, the Maryland Mortgage Program (MMP) may be able to help. MMP home loans can include conventional loans or government loans guaranteed by the FHA, VA, or USDA.
So if you’re searching for loan, closing cost, or down payment assistance in Maryland, read on for more information, or contact an OVM Financial specialist to get started.
Understanding MMP loans
MMP offers 1st Time Advantage Loans for first-time homebuyers as well as Flex products, which offer other down payment assistance options for first-time buyers and repeat buyers. MMP also offers specialty products for borrowers with student debt, disabilities, or location-specific properties. Here are some options to consider:
1st Time Advantage loans offer eligible first-time borrowers a 30-year home loan with the MMP’s lowest available fixed-interest rate. This specific product line includes four down payment assistance (DPA) plans, and each option features a 0% interest rate and a deferred, second-lien payment, which allows you to secure a loan for your down payment and pay for it later: 1st Time Advantage 5000 offers a $5,000 loan for DPA and closing costs as well as potential no-interest, deferred Partner Match options from employers, real estate developers, community organizations, and local governments. 1st Time Advantage 3% Loan provides a DPA loan equal to 3% of the first mortgage. 1st Time Advantage 4% Loan offers a DPA loan equal to 4% of the first mortgage. 1st Time Advantage 5% Loan provides a DPA loan equal to 5% of the first mortgage. Flex products offer similar benefits as 1st Time Advantage options, including a second lien with a 0% interest rate and no payments due for the life of the first mortgage: Flex 5000 provides a $5,000 loan for DPA and closing costs. This product is also eligible for Partner Match funds. Flex 3% Loan offers a DPA loan equal to 3% of the first mortgage. Flex 3% Grant provides a forgivable grant equal to 3% of the first mortgage. Learn how to qualify
According to the IRS, qualifying first-time homebuyers are those who haven’t owned and occupied a home in the last three years. Additionally, you do not have to be a U.S. citizen to qualify for MMP loan products, and first-time homebuyer requirements do not apply if you’re purchasing in a MMP-defined targeted area. Veterans using their exemption for the first time are also eligible for MMP products. Other requirements include the following:
You must be 18 years of age with a valid social security number. You must have a total household income below the defined MMP limit for your locale and household size. Maryland household income limits range from $92,500 to $154,420. You must purchase the property as your primary residence. You cannot possess liquid assets, including cash gifts or equity, of more than 20% of your property’s purchase price. Looking for more information about down payment assistance in Maryland? Reach out to an OVM Financial expert who can answer your questions and position you on the path to homeownership. You can also check out our blog for other helpful posts about down payment assistance in Virginia and down payment assistance in Florida.
By OVM Financial , Explore Down Payment Assistance Programs in Maryland
Are you a first-time or repeat homebuyer planning to apply for down payment assistance in Maryland? If so, the Maryland Mortgage Program (MMP) may be able to help. MMP home loans can include conventional loans or government loans guaranteed by the FHA, VA, or USDA.
So if you’re searching for loan, closing cost, or down payment assistance in Maryland, read on for more information, or contact an OVM Financial specialist to get started.
Understanding MMP loans
MMP offers 1st Time Advantage Loans for first-time homebuyers as well as Flex products, which offer other down payment assistance options for first-time buyers and repeat buyers. MMP also offers specialty products for borrowers with student debt, disabilities, or location-specific properties. Here are some options to consider:
1st Time Advantage loans offer eligible first-time borrowers a 30-year home loan with the MMP’s lowest available fixed-interest rate. This specific product line includes four down payment assistance (DPA) plans, and each option features a 0% interest rate and a deferred, second-lien payment, which allows you to secure a loan for your down payment and pay for it later: 1st Time Advantage 5000 offers a $5,000 loan for DPA and closing costs as well as potential no-interest, deferred Partner Match options from employers, real estate developers, community organizations, and local governments. 1st Time Advantage 3% Loan provides a DPA loan equal to 3% of the first mortgage. 1st Time Advantage 4% Loan offers a DPA loan equal to 4% of the first mortgage. 1st Time Advantage 5% Loan provides a DPA loan equal to 5% of the first mortgage. 1st Time Advantage 5000 offers a $5,000 loan for DPA and closing costs as well as potential no-interest, deferred Partner Match options from employers, real estate developers, community organizations, and local governments. 1st Time Advantage 3% Loan provides a DPA loan equal to 3% of the first mortgage. 1st Time Advantage 4% Loan offers a DPA loan equal to 4% of the first mortgage. 1st Time Advantage 5% Loan provides a DPA loan equal to 5% of the first mortgage. Flex products offer similar benefits as 1st Time Advantage options, including a second lien with a 0% interest rate and no payments due for the life of the first mortgage: Flex 5000 provides a $5,000 loan for DPA and closing costs. This product is also eligible for Partner Match funds. Flex 3% Loan offers a DPA loan equal to 3% of the first mortgage. Flex 3% Grant provides a forgivable grant equal to 3% of the first mortgage. Flex 5000 provides a $5,000 loan for DPA and closing costs. This product is also eligible for Partner Match funds. Flex 3% Loan offers a DPA loan equal to 3% of the first mortgage. Flex 3% Grant provides a forgivable grant equal to 3% of the first mortgage. Learn how to qualify
According to the IRS, qualifying first-time homebuyers are those who haven’t owned and occupied a home in the last three years. Additionally, you do not have to be a U.S. citizen to qualify for MMP loan products, and first-time homebuyer requirements do not apply if you’re purchasing in a MMP-defined targeted area. Veterans using their exemption for the first time are also eligible for MMP products. Other requirements include the following:
You must be 18 years of age with a valid social security number. You must have a total household income below the defined MMP limit for your locale and household size. Maryland household income limits range from $92,500 to $154,420. You must purchase the property as your primary residence. You cannot possess liquid assets, including cash gifts or equity, of more than 20% of your property’s purchase price. Looking for more information about down payment assistance in Maryland? Reach out to an OVM Financial expert who can answer your questions and position you on the path to homeownership. You can also check out our blog for other helpful posts about down payment assistance in Virginia and down payment assistance in Florida.
