- Loans
- Statewide
Summary
The Maryland Mortgage Program (MMP) is a home loan program offered through the Maryland Department of Housing and Community Development (DHCD) to help eligible borrowers with 30-year fixed interest rate home loans and Down Payment Assistance to make homeownership more affordable. Homebuyers can apply for an MMP home loan through one of over 100 approved mortgage lenders who can help them customize a loan package suitable for their needs and help them with the loan application process. The program has a mission to make homeownership more accessible and affordable for low to moderate-income Marylanders. The program's Down Payment Assistance program offers financial assistance for homebuyers with a home loan from the MMP to help make a down payment on the property, pay for closing costs, or satisfy prepaid/escrow expenses.
Eligibility Requirements
- The applicant(s) must be a legal resident of the United States and plan to purchase a home in Maryland.
- The applicant(s) must be a first-time homebuyer, defined as someone who has not owned a home in the past three years, unless the home is being purchased in a targeted area or the homebuyer is a qualified veteran.
- The applicant’s household income must be at or below the income limits specified by the program, which vary by county and household size.
- The applicant’s purchase price limit must be at or below the limit specified by the program, which also varies by county.
- The applicant(s) must be creditworthy and able to obtain financing from a participating lender.
- The applicant(s) must complete a homebuyer education course approved by the DHCD prior to closing on the home.
- The mortgage must be a Maryland Mortgage Program (MMP) mortgage with a participating lender.
- The home being purchased must be the homebuyer's primary residence and must meet the program's sales price limits and property requirements.
- The applicant(s) must also comply with all program requirements and guidelines, which may include submission of a complete application, payment of any required application fees, and submission of all required documentation.
- It's important to note that meeting the above requirements does not guarantee acceptance into the program, as funding is limited and subject to availability.
Contact Information
Maryland Mortgage Program
7800 Harkins Road
Lanham, MD 20706
Phone: 1-800-638-7781