For those who need assistance when purchasing a home, the Maryland Mortgage Program offers wonderful benefits to those who qualify. One of the most important things to note is that this program is funded state-wide and will never run out of funds. This makes it unique among the current programs offered for homebuyers. Even better, since Garrett County is within a ‘targeted area’ outlined by the state, this program is not solely exclusive to First-Time Homebuyers. The criteria to qualify for this loan include household income limits, ownership and occupancy eligibility, and liquid asset eligibility.
The goal of the Maryland Mortgage Program is to make owning a home more affordable. Many of the products offered through this program can include down payment assistance and assistance with closing costs. Only qualified lenders approved by the state can offer this program. One of the best first steps to take when starting the homebuying process is talking to a lender about your options!
Another perk of using a product within the Maryland Mortgage Program is the option for specialty loans that are specific to the borrower’s needs. This can include borrowers with student debt or those looking to purchase in a specific location. There can also be product enhancements added to a product for even more customization.
This is a very under-utilized program in Garrett County! Talk to a local lender about options available for your specific needs and financial situation – make sure to ask them about the Maryland Mortgage Program!