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    Maryland- Mortgage Programs

    Maryland Programs

    Maryland Mortgage Program

    • 30-year, fixed-rate deferred payment loan at 0 percent interest to cover down payment and closing costs up to 5 percent of the purchase price. It helps to think of it almost like a grant – you’ll only repay it when you sell or refinance your home.
    • The program also includes a low-interest first loan. Household Income limits in Maryland range from $92,500 up to $154,420, depending on property location and household size
    • At least one of the buyers must be a “first-time” home buyer – in this case, that means someone who hasn’t owned a home in the previous three years.


    Maryland SmartBuy 2.0

    • A qualifying homebuyer can purchase a home through the Maryland Mortgage Program, and use up to 15% of the value of the home (up to $40,000) to pay off their student debt while still counting toward their new home.
    • Allows you to purchase any home in Maryland that meets the Maryland Mortgage Program guidelines unlike version 1.0 that limited you to ready-to-move-in homes owned by the state and program. The program can bring up to $40,000 in student debt relief.


    • To qualify for Maryland Smart Buy 2.0 program, homebuyers must have an existing student debt with a minimum balance of $1,000.


    MMP: 1st Time Advantage and 1st Time Advantage With 3% Assistance


    The MMP 1st Time Advantage program:

    • 30-year fixed-rate mortgage
    • The lowest rates available for a Maryland Mortgage Program loan

    The MMP 1st Time Advantage With 3% Assistance program:

    • Low mortgage rates.
    • A 3% deferred, no-interest second loan
    • Can be used for a down payment or for closing costs
    • No payments are due until the first mortgage is paid off, transferred or refinanced


    For both programs, you must:

    Be a first-time homebuyer, or

    Not have owned a home in more than three years, or

    Be buying a home in a targeted area, or

    Be an honorably discharged veteran who has not previously used the first-time homebuyer exemption.

    The 1st Time Advantage program can’t be combined with the Maryland HomeCredit Program


    Maryland HomeCredit

    A federal tax credit of 25% of the value of the mortgage interest payments you make each year (maximum of $2,000)

    Credit is available every year until the home is sold, paid off, refinanced or transferred


    The standard MMP program requirements apply

    You must apply for the HomeCredit program when you apply for a mortgage