Down Payment & Closing Costs
Deferred Second Mortgage
Maryland Department of Housing and Community Development, Maryland Mortgage Program
$5,000.00
Maryland Department of Housing and Community Development
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 5000 loan comes with a $5,000 loan for the down payment and closing costs, structured as a 0% deferred interest second lien.
To use the Maryland Mortgage Program, the total “Household Income” of homebuyers needs to be at or below certain limits, and those limits vary by location and household size. Household Income is the combined incomes of all people 18 years of age or over who live in a household. It includes every form of income, including salaries and wages, retirement income, near cash government transfers like food stamps, and investment gains. View or download the full income eligibility table for all counties in Maryland.
N/A
- First-time Homebuyer - Purchasing Home in Montgomery County - Must meet the terms of the MMP homebuyer eligibility requirements
Yes
Yes
Yes
Maryland Mortgage Program
7800 Harkins Road, Lanham, MD 20706
3014297852
N/A