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Maryland Mortgage Program

Maryland Mortgage Program

 

 

 

Conventional, FHA, VA, Refinance, REO, and RHS loans are available through the Maryland Mortgage Program (MMP). Loans are below market-rate, 30-year fixed, and fully amortizing.
The maximum eligible income for a household of 1 or 2 persons is $107,400. The maximum eligible income for a household of 3 or more persons is $125,300.
Loans can be used to buy Department of Housing and Community Development (DHCD) owned homes, also known as Real Estate Owned (REO) homes.
MMP loans, except the Refinance loan, may also be used with one or more downpayment and closing costs assistance programs:
• $5,000 from Downpayment Assistance (DPA, formerly DSELP);
• $2,500 from the Community Partners Incentive Program (CPIP);
Homebuyer must earn their Homeownership Counseling Certificate from a City-approved counseling agency before writing a sales contract.
The home must be the homebuyer’s primary residence.
Mortgage loan cannot exceed $525,901.
Homebuyer may not own any other properties, including investment properties, at time of settlement.
This incentive may be used in addition to other incentives.
Homebuyer must use an approved lender.
For More Information
Maryland Department of Housing and Community Development
(800) 756-0119 ext. 3