Maryland Mortgage Program

Maryland Mortgage Program, Grants, & Down Payment Assistance

For many prospective homebuyers in Maryland, navigating the path to homeownership can seem overwhelming, particularly when it comes to financing options. Fortunately, the Maryland Mortgage Program (MMP) provides a range of mortgage and grant assistance programs to help make purchasing a home more affordable. Whether you’re a first-time buyer or looking for down payment assistance, the MMP offers valuable resources that can make homeownership more accessible.

What is the Maryland Mortgage Program?

The Maryland Mortgage Program is a state-run initiative designed to assist eligible homebuyers in securing affordable and sustainable home financing. The program partners with approved lenders to offer competitive interest rates, down payment assistance, and homebuyer education.

Key Benefits of the Maryland Mortgage Program

1. Low Interest Rate Loans – Borrowers can access 30-year fixed-rate mortgage loans with competitive interest rates.
2. Down Payment Assistance (DPA) – Various assistance options help buyers cover the initial costs of purchasing a home.
3. Flexible Loan Options – The program supports conventional, FHA, VA, and USDA loans, giving buyers a range of financing choices.
4. Homebuyer Education – Free counseling and courses help borrowers prepare for homeownership, ensuring financial readiness.
5. Specialized Assistance for Targeted Populations – Certain programs are available for military veterans, state employees, and buyers in specific communities.

Grant and Down Payment Assistance Programs

Beyond mortgage loans, the MMP provides grants and down payment assistance to eligible buyers. Some of the most popular options include:

• 1st Time Advantage Programs – Designed for first-time homebuyers, these loans often come with down payment and closing cost assistance in the form of grants or deferred loans.
• Flex Programs – Offers additional down payment and closing cost help, with flexible eligibility criteria.
• Partner Match Programs – The state collaborates with local employers and organizations to match assistance funds, helping buyers maximize their financial support.
• HomeStart – Aimed at lower-income households, this program provides significant down payment and closing cost relief.

Who Qualifies for the MMP?

Eligibility for the Maryland Mortgage Program varies based on income limits, credit score requirements, and property location. Generally, applicants must:

• Meet household income limits, which vary by county and household size.
• Be purchasing a primary residence in Maryland.
• Have a minimum credit score of 640 (specific requirements may vary by loan type).
• Complete a homebuyer education course before closing on the home.

For those looking to purchase a home in Maryland, the Maryland Mortgage Program and its associated grant opportunities offer a valuable pathway to affordable homeownership. By understanding the various assistance options and working with First Savings, an approved lender, buyers can significantly reduce the financial barriers to securing their dream home.