First Time Homebuyer Programs

1. MARYLAND MORTGAGE PREMIER PROGRAM

Offers $5,000 in assistance towards down payment and/or closing costs. This is a deferred loan, not a grant, that has to be paid back in full when you sell the house or pay off the loan. The property can reside anywhere in Maryland. Also, borrowers cannot have owned a home anywhere in the last three years.

2. MARYLAND YOU’VE EARNED IT PROGRAM

Offers $5,000 in assistance towards down payment and/or closing costs PLUS a 0.25 discount on the interest rate. This is a deferred loan, not a grant, that has to be paid back in full when you sell the house or pay off the loan. The property can reside anywhere in Maryland. Borrowers cannot have owned a home anywhere in the last three years. Special eligibility requirement: Must have over $25,000 in student loan debt at time of purchase of new home.

3. MARYLAND HOME FRONT PROGRAM

Offers a 0.25 discount on the interest rate. This program is in appreciation of the contributions made by US Armed Service Members and their families. The property can reside anywhere in Maryland. Borrowers cannot have owned a home anywhere in the last three years. Special eligibility requirement: Must be VA Eligible (see VA eligibility guidelines under loan type information).

4. MARYLAND GRANT ASSIST PROGRAM

Offers assistance in the form of a grant, which does not need to be paid back, of 4% of the base loan amount. The property can reside anywhere in Maryland. Borrowers do not have to be a first time home buyer but cannot own another home at the time you close on new home.

5. MARYLAND 6% OPPORTUNITY GRANT PROGRAM

Offers assistance in the form of a grant, which does not need to be paid back, of 6% of the base loan amount. The property can reside anywhere in Maryland. Borrowers do not have to be a first time home buyer but cannot own another home at the time you close on a new home. Special eligibility requirement: Lower income limits than all other programs.

6. MARYLAND PREFERRED RATE PROGRAM

Offers discounted interest rate to significantly reduce monthly payment. The property can reside anywhere in Maryland. Do not have to be a first time home buyer but cannot own another home at the time you close on new home.

7. MARYLAND TAX HOME CREDIT PROGRAM

Offers a federal tax credit of 25% of mortgage interest paid annually up to $2,000. This is a piggy-back program that you can use in conjunction with any of the other programs.

Eligibility Requirements:

1. Borrowers must have a combined household income below county income limits.
2. Borrowers must have a minimum 640 credit score for FHA loans and Conventional loans
3. Borrowers must be primary residence and not allowed to rent to tenants
4. Borrowers cannot have owned a home anywhere in the last three years (only on loan assist programs).
5. Borrowers must take homeowner education course before settlement either online or in person. Class must be taken in person and before writing contracts in Baltimore City and County.
6. Borrowers must not have the ability to make a down payment equal or greater to 20% of the purchase price.