Maryland Mortgage Program "You've Earned It"
A special interest-rate and downpayment assistance program for military members and those with significant student loans.
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Details
The maximum eligible income for a household of 1 or 2 persons is $115,800. The maximum eligible income for a household of 3 or more persons is $135,100. |
The downpayment assistance tied to this mortgage loan is a $5,000 deferred loan. |
The buyer must have at least $25,000 in student loan debt; military members do not need to meet this student loan debt requirement. |
Interest rate is a .25 percentage point under published rate. |
| 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 must invest a minimum of $1,000 from personal resources. |
| Incentive may be used toward downpayment and closing costs. |
| This is a 0% interest deferred loan (You must repay this loan when you refinance your mortgage, transfer ownership, or sell the home). |
| The home may have up to 4 zoned residential units. |
| Homebuyer may not own any other properties, including investment properties, at time of settlement. |
| This incentive may be used in addition to other incentives. |
| Incentive appears as a second lien on property until the balance is forgiven or repaid. |
| Homebuyer must use an approved lender. |
For More Information
Maryland Department of Housing and Community Development
(800) 756-0119 ext. 3
Website