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May 25, 2018

Special Assistance Grant Program from the Maryland Mortgage Program

Category: Closing Cost Special Down Payment Assistance Loan Origination maryland mortgage program

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.