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MARYLAND

DOWN PAYMENT ASSISTANCE OPTIONS


If you’re a homebuyer in the state of Maryland, participating Maryland Mortgage Program (MMP) down payment assistance options may be right for you.

DPA Loan

It combines $5,000 in closing cost and/or down payment assistance with a conventional or FHA fixed rate first lien mortgage loan int the form of a 0% interest rate second lien with no monthly payments. You repay at the sale or transfer of the property or the refinance or payoff of the first lien mortgage. The $5,000 assistance may be combined with extra assistance through the following options with Maryland’s Partner Match Initiatives:


House Keys 4 Employees (HK4E)

  • Maryland Department of Housing and Community Development (DHCD) matches up to $2,500 provided by a HK4E participating employer to employees purchasing a home as a 0% interest rate second lien repaid upon sale/transfer of property or when first lien is paid off
  • If the property is located in a Priority Funding Area within 10 miles of the qualified borrower’s place of employment or within the boundaries of the local jurisdiction, then a Smart Keys 4 Employees additional $1,000 match is added for a total match up of $3,500


Builder/Developer Incentive Program (BDIP)*

  • DHCD matches a financial contribution up to $2,500 as provided by a participating builder


Community Partner Incentive Program (CPIP)**

  • DHCD matches a financial contribution up to $2,500 as provided by a participating builder


You’ve Earned it

  • For individuals with a least $25,000 in student loan debt interested in purchasing a property in one of Maryland’s Sustainable Communities per Maryland Mortgage Program Mapper
  • Carries an interest rate of 0.25% below other MMP mortgage rates and waives the MCC fee


Maryland SmartBuy

  • For individuals with student loan debt ranging from a minimum of $1,000 to a maximum of 15% of the home purchase price
  • Conventional first lien mortgage up to 95% LTV
  • Assistance in the form of a 0% interest rate 2nd lien loan with no payments up to 15% of the home purchase price for qualified borrower to pay outstanding student debt
  • Second lien forgivable at a 20% rate per year over 5 years
  • Program does not allow amy remaining student loan debt after the loan closing


Homefront program*

  • For military Veterans and active duty military
  • Interest rae discount of 0.25% below other MMP mortgage rates
  • $5,000 in down payment assistance in form of a 0% interest rate 2nd lien with no monthly payments
  • Repay at the sale or transfer of the property or the refinance or payoff of the forst lien mortgage


Grant Assist

  • A gift/grant of 4% of the first lien note amount for down payment and/or closing costs
  • Lender applies excess funds as a principal curtailment as the grant amount is a fixed percentage if the 4% exceeds total down payment and closing costs needed
  • Not to be combined with Maryland CDA down payment assistance products


Maryland’s Mortgage Credit Certificate (MCC) program

  • Credit rate is 25% of interest paid during the year up to a maximum $2,000 per year

Give me a call and let’s discuss your options today.

*See program requirements.
**See Community Organizations and Local Housing Agencies.

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