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
- Allegany $44,400/$27,750
- Anne Arundel $75,920/$47,450
- Baltimore $75,920/$47,450
- Baltimore City $75,920/$47,450
- Calvert $93,760/$58,600
- Caroline $57,040/$35,650
- Carroll $75,920/$47,450
- Cecil $69,920/$43,700
- Charles $93,760/$58,600
- Dorchester $57,040/$35,650
- Frederick $93,760/$58,600
- Garrett $57,040/$35,650
- Harford $75,920/$47,450
- Howard $75,920/$47,450
- Kent $59,680/$37,300
- Montgomery $93,760/$58,600
- Prince George’s $93,760/$58,600
- Queen Anne’s $75,920/$47,450
- Somerset $57,440/$35,900
- St. Mary’s $82,720/$51,700
- Talbot $61,920/$38,700
- Washington $53,600/$33,500
- Wicomico $57,440/$35,900
- Worcester $57,440/$35,900
Want to see if you qualify for this Special Assistance Grant? Contact one of our Maryland Loan Officers, today.