Maryland Mortgage Program 1st Time Advantage 5000
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 5000 loan comes with a $5,000 loan for down payment and closing costs, structured as a 0% deferred interest second lien.
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 can be used with the 1st Time Advantage 5000 loan.
Maryland Department of Housing and Community Development, Maryland Mortgage Program
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