- MD,USA
- 410-218-8496
Menu
Down Payment Assistance & 1st Time Buyer Grant Programs
Baltimore City’s Department of Housing & Community Development offers the B-HIP program to help first time homebuyers with down payment and closing costs. This program provides a forgivable loan of up to $10,000 to eligible homebuyers purchasing a home in Baltimore City.
The DC Department of Housing and Community Development offers home buying assistance for first time home buyers up to $202,000 plus $4,000 for closing cost assistance. The amount of assistance is based on household income and size.
Administered by the Frederick County Department of Housing and Community Development, the Frederick County Homebuyer Assistance Program offers up to $12,000 in down payment and closing cost assistance for eligible first-time homebuyers.
The Gaithersburg Homebuyer Assistance Loan Program (GHALP) provides closing cost & down payment assistance to eligible first time homebuyers who purchase within the City of Gaithersburg corporate limits. Assistance amounts vary from $12,000 to $25,000.
The Hagerstown Home Store DPA Program provides down payment and closing costs assistance for buyers looking to purchase in Hagerstown. When used with the Maryland Mortgage Program, eligible buyers could receive up to $6,000 towards their home purchase.
Howard County in Maryland offers to help homebuyers with financing for settlement and down payment costs. The program provides a deferred loan with a maximum of $40,000 for eligible buyers and capped interest rate at 3%. Homebuyers must meet program requirements and contribute at least $1,000 towards settlement/down payment costs plus one month’s worth of mortgage payments.
Prince George’s County offers the Pathway to Purchase Program, providing first-time homebuyers with up to $25,000 in 0% interest, deferred payment loans for down payment and closing cost assistance. After 10 years of ownership, the loan is forgiven, but if the home is sold before that, the remaining balance must be repaid.
The United Way Prosperity Program allows eligible ALICE (Asset Limited, Income Constrained, Employed) households in Frederick County to take part in the Pathway to Homeownership program. For every $1 saved, participants will receive a match of up to $17,000 towards their home purchase.
The FHLB Grant Program awards first time homebuyers in participating states up to $12,500 in assistance. Eligible borrowers must be considered a first time home buyer & have their annual income below 80% of the Area Median Income of the county they are purchasing within.
The Essex 101.5% Financing Program, which is proprietary to Direct Mortgage Loans offers buyers 5% of their loan amount is assistance. This assistance is a second mortgage that does include both a forgivable & unforgivable option. This program is available to first time buyers & repeat buyers alike & also allows for non-occupying co-borrowers.
The Maryland Mortgage Program
MMP SmartBuy 3.0 program helps homebuyers with student debt purchase a home. It offers up to 15% of the purchase price, or a maximum of $20,000, to pay off existing student loans while financing your home. To qualify, you’ll need a minimum student loan balance of $1,000 and meet Maryland Mortgage Program requirements.
MMP 1st Time Advantage program helps first time homebuyers in Maryland by offering several options for down payment and closing cost assistance. You can qualify for a fixed amount of $6,000, or a percentage of the total loan amount (3%, 4%, or 5%). This assistance is a second mortgage with a zero percent interest rate. No payments are due on the second mortgage until the first mortgage is paid off, refinanced, or the property is sold.
MMP HomeStart is designed for first time homebuyers with income at or below 50% of the Area Median Income (AMI). It provides a zero percent interest, 30-year deferred loan equal to 6% of the MMP total loan amount. This means that you could receive the down payment assistance you need without having to worry about making monthly payments right away.
MMP Home Ability helps Maryland homebuyers with disabilities finance their home purchase. It combines a conventional loan with a deferred second loan, up to $45,000 for down payment and closing costs. The second loan has a 0% interest rate, and you only repay the second loan if you sell, refinance, or transfer the property.
Montgomery County offers extra help for residents buying a home through the MMP Montgomery County program. This program provides a second mortgage with 0% interest, up to $25,000 based on income, for down payment and closing costs. Any unused funds go towards reducing your principal. Additionally, it’s a 0% interest deferred loan, meaning that repayment is only required when you sell, refinance, transfer ownership, or after 30 years.
our Testimonials
Copyrights 2024 Down Payment Assistance Maryland All Rights Reserved Designed By Innovative_Devs