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Maryland Mortgage Program (MMP) 1st Time Advantage 3% Loan

3% Down First Mortgage First Time Homebuyers

Type Of Program

Down Payment & Closing Costs

Program distribution

Deferred Second Mortgage

Program Originator

Maryland Department of Housing and Community Development, Maryland Mortgage Program

Program URL

https://mmp.maryland.gov/Pages/1stTimeAdvantage.aspx

Amount

$5.00

Location

Description

The Maryland Mortgage Program (MMP) helps homebuyers in Maryland achieve their dream of homeownership through a range of programs that make purchasing and owning a home more affordable. MMP home loans are 30-year fixed-rate loans available as either Government or Conventional insured loans. 1st Time Advantage loans are designed to offer eligible homebuyers the lowest 30-year fixed interest rate available for Maryland Mortgage Program loans. The 1st Time Advantage 3% Loan comes with a down payment assistance loan equal to 3% of the first mortgage, structured as a 0% deferred interest second lien.

AMI Limit

Yes

AMI

N/A

Eligibility Limitations

- First-time homebuyers, unless: - The borrower is purchasing in a targeted area and sold their current home prior to closing on the new property; (for more information on targeted areas ); - It has been more than three years since the borrower has owned a principal residence; or - The Borrower is an honorably discharged veteran who has not previously used the first-time homebuyer exemption. A DD-214 form must be submitted to document veteran status, and a Veteran First Time Homebuyer Exemption form must be completed.

Cosigner Permitted

Yes

Owner Financing Permitted

Yes

Must be Primary Residence

Yes

Program Provider's Contact Name

Maryland Mortgage Program

Program Provider's Address

7800 Harkins Road, Lanham, MD 20706

Program Provider's Phone

3014297852

Program Provider's Email

N/A

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