Maryland Mortgage Program HomeStart 6% 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. The HomeStart 6% DPA Loan comes with a down payment assistance loan equal to 6% of the first mortgage, structured as a second lien with a 0% interest rate
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 closing on your home.
- You must live in this home as your primary residence.
- You must use a Maryland Mortgage Program-approved lender.
- Household income cannot exceed 50% AMI.
- For purchases in Baltimore City, this program is not limited to first-time homebuyers.
- You may not own other properties at the time of closing.
- Your mortgage amount cannot exceed $592,084.
- The Maryland HomeCredit Program cannot be used with HomeStart loans.
- Maryland Mortgage Program Partner Match cannot be used with HomeStart loans.
Maryland Department of Housing and Community Development, Maryland Mortgage Program
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