Our team has worked with many first-time homebuyers. We have found that limited down payment funds is one of the main drawbacks from making a home purchase. Is this a concern of yours? The Maryland Department of Housing and Community Development created the Maryland Mortgage Program (MMP) for potential homeowners like you! Stay with us as we explain the programs and initiatives that MMP offers to “make homeownership affordable.”
- *SmartBuy 2.0:
- Do you have student loan debt that is bogging down your monthly budget? With this program, qualified borrowers will be provided up to 15% of the home purchase price (maximum of $40,000) to pay off outstanding student debt! See the example below with an outline of the benefits that this program can have on your student debt balance:
|Home Purchase with SmartBuy 2.0||Home Purchase without SmartBuy 2.0|
|SmartBuy 2.0 Grant||($150,000*15%) = up to $22,500||N/A|
|Outstanding Student Debt||$15,000||$15,000|
|Student Debt Balance with SmartBuy 2.0||$0||15,000|
Note: This program can be combined with the Maryland HomeCredit Program.
- *4% Grant Assist:
- This program offers 4% of the home purchase price to be used towards your down payment and/or closing costs. As a grant, this program is an outright gift to assist you! Note: This program can be combined with the Maryland HomeCredit Program.
- *Maryland HomeCredit:
- In conjunction with one of the programs listed above, Maryland HomeCredit benefits homeowners with their annual tax liability. Through this program, eligible borrowers receive a federal tax credit of 25% of the mortgage interest paid during the year (up to $2,000).
- What does this mean for you as a potential homeowner? In addition to
Interested in learning more about Maryland homeownership programs and how they could make your homeownership dreams reality? As an approved MMP lender, our team of knowledge experts can’t wait to speak to you!
**Subject to MMP terms.**