Real Estate Word Wednesday MMP

Real Estate Word Wednesday MMP

What is the Maryland Mortgage Program?


The Maryland Mortgage Program is run by the Maryland Department of Housing and Community Development.  The goal of the program is to provide incentives and assistance to help eligible borrowers become homeowners.


The program offers borrowers assistance in a few ways - 


Down Payment and Closing Cost Assistance
Federal Tax Credits
Partner Match Programs
SmartBuy


For a full list of programs click here —> https://mmp.maryland.gov/Pages/Programs.aspx


Who is Eligible?


Borrows must be at least 18 years old and have a valid Social Security number.


There are income eligibility requirements and they vary by county and household size.  For list of the income limits by county click here —> https://mmp.maryland.gov/Lenders/Pages/Income-and-Purchase-Limits.aspx


Also, the house has to be used as a primary residence and the borrower cannot own any other real estate.


Are there limits on which areas you can buy a house?


Yes and No.


If you are a First-Time Homebuyer, meaning you haven’t owned a home in the past three years, then no.  You can buy anywhere in the state.  


If you aren’t a First-Time Homebuyer, then you are restricted to areas that the state has designated as Targeted Areas


Click here for the list of Targeted Areas


What Hoops are there to jump through?


All the programs require homebuyer education.  The requirements vary by county and so do the eligible courses.  Some counties require the course to be completed before entering into a contract of sale for a house and others do not.  Best to check with a lender before beginning the process.


Click here for a list of courses  —> https://mmp.maryland.gov/Pages/Homebuyer-Education.aspx 


Is there only one lender for the MMP?


No.  There are over 80 eligible lenders in the state that with with the Maryland Mortgage Program.  


The best course of action is to start with the lender.  They will be able to verify eligibility and guide you to the right educational opportunity.


If you are interested in learning more about the Maryland Mortgage Program, please shoot me a line or join me for my next home buying seminar.


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Phone: 410-920-4760
Dated: October 3rd 2018
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