Maryland Mortgage Advantage Program – Good news coming from the State of Maryland – This new interest rate program just rolled out!
The program provides buyers with a very low interest rate compared to traditional market rates. Buyers can use the program with FHA, VA, USDA and Conventional loans. Today’s rate for VA, FHA and USDA loans is 4.125% with NO POINTS. The conventional rate is 4.625% with NO POINTS. Those rates are highly competitive and much lower than any rate a buyer will find in this market.
The program can be used for every County in the entire State of Maryland. However, the program does not offer any type of down payment assistance with it. This program is great for buyers that have their own money for the down payment, but want a lower interest rate so their mortgage is more affordable. The program follows the MMP guidelines with credit scores of 640, a debt ratio of 45% and the buyer must be a first time home buyer unless they are buying in a targeted area and they cannot own any other real estate at the time of closing.
Ask your mortgage lender about this program or contact us for a referral to a senior mortgage specialist….