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family of 4 looking to refinance their home

May 4, 2018

New Maryland Mortgage Program - 1st Time Advantage

Category: Loan Origination maryland mortgage program

The Maryland Mortgage Program (MMP) is offered by the Maryland Department of Housing and Community Development and provides borrowers with program options to purchase in the State of Maryland.  Currently, the MMP offers 30-year, fixed-interest rate mortgages while making down payment and closing cost assistance available to eligible homebuyers.  These assistance options make purchasing a home more affordable either in the form of a grant, or as a deferred, no-interest loan.

As of May 3, 2018, the MMP announced a new program – MMP 1st Time Advantage – that provides the lowest Maryland Mortgage Program interest rate to Maryland first-time homebuyers.  Additional features and requirements of this program are:

  • Down payment and closing cost assistance not available from MMP but assistance funds from external sources are allowed
  • Cannot be combined with other MMP products (including Partner Match, Homefront, HomeCredit or Refinance products)
  • Available to first-time homebuyers only (unless purchasing in targeted area or an honorably discharged veteran)
  • Homebuyer education required
  • Standard MMP eligibility applies

To learn more about the advantages of this program and other MMP programs, or how to get started, contact one of our Maryland licensed Loan Officers.