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 paymentOffers 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 … [Read more...]
Maryland Mortgage Prorgrams
Maryland Mortgage Program offers buyers down payment assistance throughout Maryland, Virginia and the District of Columbia. There is some confusion about this program though because there are different monies available underneath the umbrella of the Maryland Mortgage Program. One of our preferred lenders is providing details about the different programs so you can have a better understanding of what programs are available for buyers as it relates to the MMP program only. * SELP (Settlement Expense Loan Program) - This is the staple of the Maryland Mortgage Program and offers $5,000 to first time home buyers unless they are buying in a targeted area and then they can be second time home buyers. If a buyer is working for an employer on their House 4 Keys list they will be eligible for more down payment assistance. And, if they live within 10 miles of the house they are buying they are eligible for even more money through the Smart Keys program. All money received through this … [Read more...]
First Time Home Buyers
First Time Home Buyers can now take advantage of the MY HOME II and Maryland Preferred Rate Loan - effective immediately. This is a special partnership with Prince George’s County. The collaboration pairs the Maryland Preferred Rate loan which offers the lowest rate available through the Maryland Mortgage program (MMP). Now, you take advantage of a generous down payment assistance provided by the Prince George’s County MY HOME II program. The two programs require separate applications. Maryland Preferred: A Maryland Mortgage loan at a very attractive interest rate (shown on our website and effective as of time of reservation). Application is made through an approved MMP lender. For more information, please see the fact sheet available on mmp.maryland.gov/PrinceGeorges. MY HOME II: A home buyer assistance program administered by the Redevelopment Authority of Prince George’s County. Only lenders approved by both MMP and MY HOME II can offer both programs. MY HOME II … [Read more...]
