Maryland Mortgage Program (MMP):
Maryland Mortgage Program (MMP) DROPPED their credit score requirement to 640 on conventional financing up to 97% LTV.
Now – Home buyers who qualify for a Federal Housing Authority (FHA) mortgage loan can easily go conventional under this program because the MMP sets the debt to income limit at 45% which follows conventional guidelines exactly. The MMP program also have a flat interest rate for all buyers. It is not credit score dependent when determining the interest rate as traditional conventional loans. This means a lower score buyer will still receive a great rate! And, buyers only have to put 3% down instead of 3.5% under FHA requirements. Be mindful that the seller can only contribute up to 3% of the closing costs if the LTV is above 90%.
Here is a quick look at the Maryland Mortgage Program (MMP)…
If you have not owned a home in the past three years in the State of Maryland, there is an EXCELLENT chance you are eligible for assistance of $5,000 at a MINIMUM. And, even if you have owned a home in the past three years there are targeted areas where you can buy again without waiting 3 years. For example, the entire City of Baltimore is classified as targeted so anyone can get $5,000 in assistance as long as they don’t own any other property when they go to settlement.
Maryland Mortgage Program offers $5,000 in assistance or potentially more depending on the buyer’s employer for down payment or closing cost assistance. So, if you are purchasing a $200,000 home and need 3.5% of the purchase price ($7,000) as a down payment, this program will give them $5,000. Combined with a full seller contribution for their closing costs you only need to come up with $2,000 of your own monies!
The income limits are very HIGH using this program and it is available in every county in Maryland. Before we discuss income limits, let’s talk about the fact that the program always has money available. Check it out for yourself at www.mmprogram.com.
Give us a call at 301-483-8073 today. We will refer you to one of our Senior Mortgage Consultants to qualify you for this grant in Prince George’s, Montgomery, Calvert, Frederick and Charles counties for a 2 person household making $129,000 or less (3 person household is $150,500 or less). And, in Baltimore, Baltimore City, Howard, Anne Arundel, Harford and Carroll counties they can qualify for a 2 person household making $102,720 or less ($119,840 for a 3 person household)! Quick side note, all counties in Maryland qualify...