Maryland Mortgage Program 1st Time Advantage 3% Loan

The Maryland Mortgage Program (MMP) helps homebuyers in Maryland achieve their dream of homeownership through a range of programs that make purchasing and owning a home more affordable. MMP home loans are 30-year fixed-rate loans available as either Government or Conventional insured loans. 1st Time Advantage loans are designed to offer eligible homebuyers the lowest 30-year fixed interest rate available for Maryland Mortgage Program loans. The 1st Time Advantage 3% Loan comes with a down payment assistance loan equal to 3% of the first mortgage, structured as a 0% deferred interest second lien.

PROGRAM BENEFIT

This program allows you to borrow money to buy your home and reduces the amount of money you’ll need up-front to buy your home.

ELIGIBILITY & LIMITATIONS

• You must earn a homeownership counseling certificate before closing on your home.
• You may not own other properties at the time of closing.
• You must live in this home as your primary residence.
• You must use a Maryland Mortgage Program-approved lender.
• For purchases in Baltimore City, this program is not limited to first-time homebuyers.
• Your mortgage amount cannot exceed Maryland Mortgage Program limits.
• Household income cannot exceed Maryland Mortgage Program limits
• The Maryland HomeCredit Program cannot be used with 1st Time Advantage loans.
• Maryland Mortgage Program Partner Match cannot be used with 1^st Time Advantage 3% loans.

PROGRAM CONTACT

Maryland Department of Housing and Community Development, Maryland Mortgage Program
Website