EQUAL HOUSINGOPPORTUNITY

HOMEOWNERSHIP

INFORMATION KIT

MARYLAND MORTGAGE INFORMATION KIT

ABOUT THE MARYLAND MORTGAGE PROGRAM................................1

HOME LOAN PRODUCTS ....................................................................................2

OTHER ASSISTANCE OPTIONS .......................................................................3

HOMEBUYER EDUCATION.................................................................................4

ELIGIBILITY .................................................................................................................5

INCOME AND PRICE LIMITS ..............................................................................6

PROPERTY INFORMATION ................................................................................7

REALTOR QUICK REFERENCE GUIDE .........................................................8

TABLE OF CONTENTS

Information provided in the Information Kit is accurate as of the date of printing. However, some information is subject to change, and borrowers should talk to a Maryland Mortgage approved lender before making decisions based on the document.

mmp.Maryland.govFor more information, please visit:

UPDATED-032718

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ABOUT MMP

Buying a home is a big deal. For Marylanders just like you, it may be the single largest purchase you ever make, and the choices you make can impact your family’s life for years to come. For many people, becoming a homeowner can mean stability, greater

What is the Maryland Mortgage Program?

HOME LOAN PRODUCTS

DOWN PAYMENT AND CLOSING COST ASSISTANCE

provided in the form of a grant or as a deferred, no-interest loan.

MARYLAND HOMECREDIT (FEDERAL TAX CREDITS)

$2,000 each year for the life of the loan. The amount that can be claimed each year is based on the amount of mortgage interest paid on the loan.

PARTNER MATCH

payment assistance.

STATEWIDE APPROVED LENDER NETWORKHomebuyers can apply for a Maryland Mortgage Program home loan through one of over 80 approved mortgage lenders.

HOMEBUYER EDUCATION

of purchasing a home and the many new challenges of being a homeowner. For some Maryland Mortgage Program loans,

types must be completed to meet full eligibility for a Maryland Mortgage Program loan.

Who Administers the Maryland Mortgage Program?The Maryland Mortgage Program is provided by the Maryland Department of Housing and Community Development (DHCD).

PROGRAM INFORMATION

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The Maryland Mortgage Program helps homebuyers in Maryland achieve their dream of homeownership with a range of home loan

to apply for a home loan. For a list of approved lenders by county see mmp.Maryland.gov/FindLenders.

Home Loans

GRANT ASSIST

LOAN ASSIST

mmp.Maryland.gov/LoanAssist

RATE ASSIST

PROGRAM INFORMATION

Other Assistance OptionsPARTNER MATCH

• Employers making an investment in the long-term sustainability of their workforce• • •

mmp.Maryland.gov/Partners

MARYLAND HOMECREDIT

$2,000.00) each year. A Maryland HomeCredit can save a homeowner tens of thousands of dollars over the life of a home loan, and

mmp.Maryland.gov/FindLenders .

mmp.Maryland.gov/MDHomeCredit

MARYLAND SMARTBUY

products available through the Maryland Mortgage Program in which homebuyers locate a property on the open market, Maryland

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HOMEBUYER EDUCATION

Maryland Mortgage Program Homebuyer Education Requirements

COUNTY REQUIREMENTS ACCEPTED ONLINE?

process and mortgage products.

BEFORE ENTERING INTO A CONTRACT OF SALE to purchase a home.

PRIOR TO CLOSING.

Approved provider may allow an online component—check

comes from the approved provider.

Workshop and individual counseling must be obtained through a

received BEFORE THE BORROWER ENTERS INTO A CONTRACT OF SALE to purchase a home.

Approved provider may allow an online component. Final

approved provider.

MUST INCLUDE A MINIMUM OF TWO

THREE HOURS OF WORKSHOP COUNSELING

Approved provider may allow an online component. Final

approved provider.

Allegany, Calvert, Caroline, Carroll, Cecil, Charles, Dorchester,

Queen Anne’s, Montgomery,

Mary’s, Talbot, Washington, Wicomico, Worcester

housing counseling agency or by a mortgage insurer with an

mmp.Maryland.gov/Classes

Some Online Homebuyer Education Classes

ehomeamerica.org/hopereadynest.com

ELIGIBILITY

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The following criteria must be met for a borrower or co-borrowers to be eligible for a home loan, down payment assistance,

Maryland Mortgage borrowers and Maryland HomeCredit applicants must be First-Time Homebuyers,

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mmp.Maryland.gov/income

3 The purchased property must be for the borrower to live in as their primary residence – a Maryland Mortgage

loan or Maryland HomeCredit cannot be used for the purchase of an investment property or a house for

someone else to live in.

mmp.Maryland.gov/classes

Maryland Mortgage Program.

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property to help determine eligibility.

funds can be borrowed to purchase a home and how much can be borrowed. Factors like income and current debt, employment

INCOME & PURCHASE PRICE LIMITS

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Allegany Full3 or more

Anne Arundel3 or more

Full3 or more

3 or more

Calvert3 or more

Caroline Full3 or more

Carroll3 or more

Cecil3 or more

Charles3 or more

Dorchester Full3 or more

Frederick3 or more

Full3 or more

Harford3 or more

Howard3 or more

Full3 or more

Montgomery3 or more

3 or more

Queen Anne’s3 or more

3 or more

Full3 or more

Talbot3 or more

Washington3 or more

Wicomico3 or more

Worcester3 or more

mmp.maryland.gov/grantassist

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ELIGIBLE LOCATIONS OF PROPERTIES

(built within the last 12 months)

••

••

A “Move-Up” homebuyer is someone who has owned a principal residence in the last three years, and is purchasing a home.

before purchasing their new home.

Targeted Areas

The Maryland Mortgage Program and Maryland HomeCredit are available to First-Time Homebuyers that meet income and other

limits apply to homebuyers purchasing property in a Targeted Area.

Targeted Areas In Maryland

Allegany CountyBaltimore City

Caroline CountyDorchester County

Washington CountyWicomico County

Anne Arundel CountyCalvert CountyCarroll CountyCecil County

Charles CountyFrederick CountyHarford County

Howard County Montgomery CountyQueen Anne’s County

Talbot CountyWorcester County

Priority Funding Areas

mmp.Maryland.gov/maps to determine if a property is in a Priority Funding Area, based on its address.

REALTOR QUICK REFERENCE GUIDE

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➢ mmp.Maryland.gov/Pages/Targeted-Areas

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➢ mmp.Maryland.gov/lenders/pages/income-and-purchase-limits

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➢

➢ ➢ ➢ ➢

➢

mmp.Maryland.gov/REALTORS 301-429-7792

SELL MORE… WITH MARYLAND.

GET STARTED TODAY, VISIT mmp.Maryland.gov/Ready

TO OWN A HOME?READY

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Larry Hogan, GovernorLt. Governor

Secretary, Deputy Secretary