Maryland Mortgage Program Flex 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. Flex loans allow buyers to benefit from the Maryland HomeCredit program. The Flex 3% Loan comes with down payment assistance loan equal to 3% of the first mortgage, structured as a 0% interest deferred 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 from a City-approved counseling agency before making an offer on your home. *Homeownership certificates are valid for 12 months from the date of completion.
• 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.
• Your mortgage amount cannot exceed Maryland Mortgage Program limits.
• Not limited to first-time homebuyers
• Household income cannot exceed Maryland Mortgage Program limits
• Maryland Mortgage Program Partner Match cannot be used with Flex 3% Loans.

PROGRAM CONTACT

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