Maryland Mortgage Programs help 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 available as either Government or Conventional insured loans. Government loans can be guaranteed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the U.S. Department of Agriculture/Rural Housing Service (USDA/RHS). Conventional loans may have higher interest rates but the private mortgage insurance cost could result in a lower overall monthly payment.
Maryland Mortgage Program
Maryland SmartBuy 2.0
MMP:1st Time Advantage and 1st Time Advantage With 3% Assistance
The MMP 1st Time Advantage program:
The MMP 1st Time Advantage With 3% Assistance program:
For both programs, you must:
Not have owned a home in more than three years, or
Be buying a home in a targeted area, or
Be an honorably discharged veteran who has not previously used the first-time homebuyer exemption.
A federal tax credit of 25% of the value of the mortgage interest payments you make each year (maximum of $2,000)
Credit is available every year until the home is sold, paid off, refinanced or transferred
The standard MMP program requirements apply
You must apply for the HomeCredit program when you apply for a mortgage