The Maryland Mortgage Program announced some AMAZING new products.
Buyers credit score should be 640 or higher. Debt to income ratio should not exceed 45%. And buyers cannot have own any real estate at the time of closing. Although they COULD have owned real estate prior to settling on their new home.
The Chenoa fund has existed to help this type of buyer. However, this product offering does not have the expansiveness of the new mortgage product offered through the State of Maryland – Maryland Mortgage Program.
Here are the highlights:
- Offers buyers a loan of 3% to be used towards the down payment
- Offers buyers a GRANT of 3% or 4% of the loan amount to be used towards the down payment and/or closing costs
Plus the Home Ability program started offering mortgages about a month ago. This program will help buyers who have a disability or have a household member with a disability. The program offer buyers 25% in the form of a loan to be used towards the down payment and/or closing costs. That’s a LOT of $$$$!
Give us a call or complete the contact form to get the name of mortgage lender who will pre-qualify your for a mortgage loan….Call Today!