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August 9, 2017

Maryland Opportunity Grant - Down Payment and Closing Cost Assistance

Category: Closing Cost Special Down Payment Assistance

The Maryland Mortgage Program is now offering a grant for down payment and closing cost assistance to income selected homebuyers associated with purchasing a home in Maryland.  This grant is available starting July 31, 2017 and will end when CDA announces the program is closed.  This program is generally for first time homebuyers but can be available to others under certain restrictions.  The Maryland Department of Housing and Community Development offers this grant whose household income is below eligibility limits, which vary by county.  The Maryland Mortgage Program is a home loan program that is safe and secure from Maryland’s Housing Financing Agency and features down payment and closing cost assistance, 30 year fixed rate loans and free to low-cost homebuyer education.

Highlights of the product include:

  • Grant equals 2% of loan amount on first lien
  • Used for both closing cost and down payment assistance
  • Conventional mortgages only using Freddie Mac’s HFA Advantage
  • May be used with the Maryland HomeCredit Program (MMP will waive $450 MMP fee when used with this program)
  • Not available with other MMP purchase, down payment assistance or refinance products
  • Grant does not carry any interest

Income Eligibility per County

  1. Allegany- $26,950
  2. Anne Arundel- $45,550
  3. Baltimore- $45,550
  4. Baltimore City- $45,550
  5. Calvert- $55,150
  6. Caroline- $33,750
  7. Carroll- $45,550
  8. Cecil-$41,600
  9. Charles- $55,150
  10. Dorchester- $31,500
  11. Frederick- $55,150
  12. Garrett- $31,500
  13. Harford- $45,550
  14. Howard- $45,550
  15. Kent- $37,000
  16. Montgomery- $55,150
  17. Prince George’s- $55,150
  18. Queen Anne’s- $45,550
  19. Somerset-$34,400
  20. St. Mary’s- $49,800
  21. Talbot- $37,600
  22. Washington- $35,700
  23. Wicomico- $34,400
  24. Worcester- $34,400

Want to see if you qualify for this grant? Contact a First Home Mortgage Loan Officer today! Call now