What is the Maryland mortgage program (MMP)?
The Maryland Mortgage Program (MMP), administered by the Maryland Department of Housing and Community Development, offers eligible homebuyers in Maryland a chance to secure 30-year fixed-rate home loans. The MMP has a broad range of financial incentives that can help many homebuyers. The goal of this program is to encourage responsible homeownership and build strong communities.
Benefits of the Maryland Mortgage Program
There are many benefits available with the Maryland Mortgage Program including down payment assistance, closing cost assistance, partner match programs, home loans, and a statewide approved lender network. The down payment and closing cost assistance is money that you can use to meet required payments for securing a home loan. The partner match programs often include grants, loans, and other helpful assistance. The home loan programs are all 30-year, fixed-interest rate mortgages. Lastly, the statewide approved lender network has over 100 approved mortgage lenders, including Direct Mortgage Loans.
Eligibility Criteria for the Maryland Mortgage Program
Applicants must be 18 years of age and have a valid social security number. To use the MMP, the total “household income” of homebuyers needs to be at or below certain limits, and those limits vary by location and household size. Also, first-time homebuyers who meet household income limits can use the Maryland Mortgage Program to purchase a home anywhere in the state of Maryland.
How To Apply For Maryland Mortgage Program
You can apply for Maryland Mortgage Programs on their website, by clicking the “get started button” at the bottom of the page.
How can I find a Maryland mortgage program lender?
Direct Mortgage Loans is an established MMP lender with extensive experience in the program, and proudly holds the silver tier lender status as of 2023. If you’re looking to begin the process, then find an approved MMP lender in your Maryland county. We would be happy to assist you in applying for a home loan through the Maryland Mortgage Program!
FAQ’s About The Maryland Mortgage Program
What are the income and purchase price limits for the Maryland Mortgage Program (MMP)?
The maximum loan amount is $726,200. To view the income limits for each county, click here. The income and price limits also depend on your household size.
Can I use a Maryland mortgage program to buy a second home or an investment property?
The Maryland Mortgage Program is not intended to buy a second home or an investment property. At the time of closing, the borrower may not own a residence or other real property.
What happens if I sell my home or refinance my mortgage after receiving financial assistance from the Maryland mortgage program?
The implications of selling or refinancing your home after receiving financial assistance from the Maryland Mortgage Program (MMP) depend on the specific program you are enrolled in. Most MMP programs provide financial assistance as second liens, which must be paid off at the time of refinancing or selling your home. However, some programs offer assistance that is forgiven over time, subject to meeting specific requirements. It is essential to review the terms of your MMP program and speak with your Direct Mortgage Loans Loan Officer if needed to understand the impact of your decisions on the financial assistance received.
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