2015 First Time Home Buyer Programs for Maryland Partner Match Program Partner Match Program - Maryland has joined forces with employers, developers and community organizations to offer partner match programs that can help homebuyers cover down payment and closing costs. Partner match programs generally involve contributions of between $1,000 and $5,000 in the form of grants or loans from a partner organization. The Maryland Mortgage Program then matches these amounts up to $3,500 in the form of a zero interest deferred loan. Multiple partner matches may be combined, and these matches also may be combined with other down payment assistance loans. Qualified buyers in Maryland may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. Down Payment Assistance Program Down Payment Assistance Program qualifying buyers can also receive down payment and closing cost assistance of up to $8,500 in the form of a 0 percent deferred loan. Borrowers must pay the loan upon selling or transferring the property, or after refinancing or paying the first mortgage in full. Qualified buyers in Maryland may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Maryland Mortgage Program Maryland Mortgage Program borrowers can get a 30 year, fixed rate mortgage. First time homebuyers and those who have not owned a home in the previous three years are eligible. Repeat buyers are eligible if they buy a home in a targeted area. These first mortgages can be combined with down payment assistance. Qualified buyers in Maryland may apply. Maryland HomeCredit Program Mortgage Credit Certificate when combined with the Maryland Mortgage Program and down payment assistance can save a homebuyer tens of thousands of dollars over the life of a home loan. The value of Maryland’s MCC is 25 percent of the mortgage interest paid, up to $2,000. Qualified buyers in Maryland may apply. MMP - No Down Payment Assistance (No DPA) Program MMP - No Down Payment Assistance (No DPA) Program - borrowers taking advantage of the Maryland Mortgage Program can forgo the down payment assistance associated with the loan and instead get a lower interest rate through the No DPA Program. No DPA borrowers can still utilize a MCC. Qualified buyers in Maryland may apply.
Maryland Homefront Program Maryland Homefront Program offers active duty and military veterans an interest rate discount of 0.25 percent on a 30 year fixed rate mortgage. Maryland Homefront Program can also be combined with Maryland’s down payment assistance. Qualified buyers in Maryland may apply.
To apply visit http://buyerprograms.net/Maryland