(April 29, 2022) The Maryland Department of Housing and Community Development’s Mortgage Program announced the launch of two new loan products to provide higher levels of down payment and assistance with mortgage costs. fence.
The Maryland Mortgage Program has been the state’s flagship homeownership program for more than 40 years and over the past three years has averaged more than $1 billion in home loan reservations, helping more than 5,000 Marylanders gain access to their dream home each year.
“In this tough housing climate, when interest rates are rising and affordable housing inventory is low, driving up purchase prices, homebuyers need more help to down payment,” Secretary Kenneth C. Holt said. “Our Maryland mortgage program is nationally recognized for the diversification of our product line, and we are constantly evaluating new products that can provide Marylanders with the best possible options for accessing and maintaining homeownership. .”
The new 1st Time Advantage 5% Loan and 1st Time Advantage 4% Loan products offer down payment and closing cost assistance equal to 5% or 4% of the first mortgage, respectively, and are deferred at 0% up to to 30, which means new homebuyers won’t need to repay the assistance until they sell or refinance their home.
In addition to newly launched loan products, the Maryland Mortgage Program offers a wide variety of mortgage products specifically designed to make homeownership affordable and sustainable, including flexible government and conventional loan financing in varying levels and forms. down payment and assistance with closing costs. and attractive interest rates for first-time homebuyers and repeat buyers, conventional refinancing and even student debt relief.
To learn more and find out which product is right for you, visit mmp.maryland.gov and contact a participating local lender.
– Lauren Bunting is an Associate Broker with Keller Williams Realty of Delmarva in Ocean City.