Bootcamp For Buyers

Maryland Mortgage Program (MMP)

The Maryland Mortgage Program (MMP), managed by the Maryland Department of Housing and Community Development (DHCD), provides affordable mortgage options and financial assistance to eligible homebuyers. This program is designed to reduce the barriers to homeownership by offering fixed-rate mortgages and support for down payment and closing costs.

Benefits

  • Offers 30-year fixed-rate mortgages with competitive interest rates, ensuring predictable and stable monthly payments.
  • Provides down payment and closing cost assistance through grants or forgivable loans, reducing the upfront financial burden for buyers.
  • Includes tax-saving opportunities through the Maryland HomeCredit program, allowing eligible buyers to claim a federal tax credit on mortgage interest paid.
  • Supports both first-time and repeat homebuyers who meet eligibility criteria.
  • Allows buyers to combine MMP with other state and local programs for additional financial support.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and the location of the property within Maryland.
  • The property must be located in Maryland and used as the buyer’s primary residence.
  • A minimum credit score of 640 is typically required, along with adherence to lender-specific underwriting standards.
  • Debt-to-income ratios must comply with program guidelines to ensure affordability and financial readiness.
  • Participants must complete a homebuyer education course approved by MMP to prepare for the responsibilities of owning a home.

Additional Information

The Maryland Mortgage Program (MMP) is a vital resource for residents seeking affordable homeownership opportunities. By providing financial assistance and tax benefits, the program empowers individuals and families to achieve stability and invest in their future. Administered by the Maryland Department of Housing and Community Development, MMP supports sustainable homeownership and strengthens communities across the state.

Frequently Asked Questions About Our Program

What is the Maryland Mortgage Program (MMP)?

The Maryland Mortgage Program (MMP) provides affordable mortgage options, along with down payment and closing cost assistance, to help homebuyers purchase their primary residence in Maryland.

Who qualifies for the Maryland Mortgage Program?

The program is open to first-time homebuyers and repeat buyers in specific targeted areas who meet income, credit, and property eligibility requirements.

What types of mortgages are available through the MMP?

The program offers 30-year fixed-rate mortgages with competitive interest rates, providing stable and predictable monthly payments for homebuyers.

Does the MMP provide down payment assistance?

Yes, the program includes down payment and closing cost assistance, which can significantly reduce the upfront financial burden for homebuyers.

What is the minimum credit score required for the MMP?

A minimum credit score of 640 is typically required, though specific requirements may vary based on the loan type and other factors.

Are there income limits for the Maryland Mortgage Program?

Yes, income limits apply and are based on household size and the location of the property. These limits are updated annually to reflect current market conditions.

What is the maximum purchase price allowed under the program?

The maximum purchase price varies depending on the location of the property but generally falls within $450,000 to $500,000 for most areas in Maryland.

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Is homebuyer education required for the program?

Yes, homebuyer education is mandatory to ensure buyers understand the responsibilities of homeownership and are financially prepared.

Can the Maryland Mortgage Program be combined with other assistance programs?

Yes, eligible buyers can combine MMP benefits with other local or state programs to increase their financial support.

Are there specific property types eligible for the MMP?

Eligible properties include single-family homes, townhouses, condominiums, and certain manufactured homes if they meet program guidelines.

Does the program require a first-time homebuyer status?

Yes, the program is primarily for first-time homebuyers, although exceptions are made for properties in targeted areas and for certain professions.

Are there debt-to-income (DTI) ratio requirements for the MMP?

Yes, the program typically limits the DTI ratio to 45%, though exceptions may apply depending on other qualifying factors like credit score or loan type.

Is the down payment assistance a loan or a grant?

Down payment assistance is generally offered as a deferred loan, which may be forgivable after a specified period if certain conditions are met.

Are there fees associated with the MMP?

Standard fees such as loan origination, processing, and appraisal fees apply. Borrowers should discuss all costs with their lender to understand potential expenses.

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Can the MMP be used for newly constructed homes?

Yes, newly built homes are eligible as long as they meet program requirements and are used as the buyer's primary residence.

What happens if I sell or move before meeting the program conditions?

If you sell or move before fulfilling the program's requirements, you may need to repay some or all of the assistance provided.

Are there location restrictions for the Maryland Mortgage Program?

Properties must be located within Maryland, and specific guidelines apply based on whether the property is in a targeted or non-targeted area.

What are the main benefits of the Maryland Mortgage Program?

The program offers affordable mortgage rates, down payment and closing cost assistance, and access to additional financial resources, making homeownership more accessible.

Can the MMP be used to refinance an existing home?

No, the program is designed exclusively for purchasing a primary residence and does not apply to refinancing existing mortgages.

What is the typical loan term for the MMP?

The program offers a 30-year fixed-rate mortgage, providing long-term stability and predictable monthly payments for homebuyers.

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