Month: May 2018

The Maryland Mortgage Program has announced their new Special Assistance Grant Program to assist homebuyers with down payment and closing costs while purchasing a home.  The MMP offers a range of programs that help make purchasing and owning a home more affordable.  With this Grant, eligible borrowers will receive $2,500 or $1,500 (depending on the Area Median Income), which can be added on to the Maryland Mortgage Program’s existing programs.

Highlights of this product:

• Grant of $2,500 for borrowers with income not exceeding 50% of the Area Median Income (AMI), Or a grant of $1,500 for borrowers above 50% and not exceeding 80% of the AMI
• Used for both closing cost and down payment assistance
• Conventional mortgages using Freddie MAC’s HFA Advantage™
• May be used with other MMP products, such as Regular Conventional Loan Assist, Conventional Grant Assist,  Conventional Rate Assist, and 1st Time Advantage Loans
• May not be combined with Maryland SmartBuy or refinance products
• Regular down payment assistance may be layered with this product
• Partner Match Program funds may be layered with this product
• Maryland HomeCredit Program may be used (MMP will waive $450 MMP fee as an additional incentive)  
• Must be purchasing in Maryland                 

          Income Eligibility Per County

     County                                Income Limit 80%/50% AMI                    

1. Allegany                            $44,400/$27,750
2. Anne Arundel                  $75,920/$47,450
3. Baltimore                         $75,920/$47,450
4. Baltimore City                 $75,920/$47,450
5. Calvert                              $93,760/$58,600
6. Caroline                            $57,040/$35,650
7. Carroll                               $75,920/$47,450
8. Cecil                                   $69,920/$43,700
9. Charles                              $93,760/$58,600
10. Dorchester                        $57,040/$35,650
11. Frederick                           $93,760/$58,600
12. Garrett                               $57,040/$35,650
13. Harford                              $75,920/$47,450
14. Howard                              $75,920/$47,450
15. Kent                                    $59,680/$37,300
16. Montgomery                     $93,760/$58,600
17. Prince George’s                $93,760/$58,600
18. Queen Anne’s                   $75,920/$47,450
19. Somerset                           $57,440/$35,900
20. St. Mary’s                          $82,720/$51,700
21. Talbot                                $61,920/$38,700
22. Washington                      $53,600/$33,500
23. Wicomico                          $57,440/$35,900
24. Worcester                          $57,440/$35,900

Want to see if you qualify for this Special Assistance Grant?  Contact one of our Maryland Loan Officers, today.