February 6, 2019
The Maryland Mortgage Program has announced their new HomeAbility program to assist disabled homebuyers in Maryland with down payment and closing cost assistance. Up to 105% financing is available through HomeAbility. This new program will replace the Department’s previous Homeownership for Individuals with Disability Program (HIDP).
To qualify for this program, one of the borrowers must be disabled or one of the borrowers is a guardian for, resides with, and is the principal caretaker for an immediate family member who is disabled. The borrower must occupy the property as their principal residence. The borrower must be a first-time homebuyer unless they are purchasing in a targeted area, it has been more than 3 years since the borrower has owned a principal residence or the borrower is an honorably discharged veteran who has not previously used the first-time homebuyer exemption. Total annual household income may not exceed the county income limits. Partner Match loans are not permitted with this program.
Please reach out to a Loan Officer near you if you have any questions.