Take Advantage of Maryland First-Time Home Buyers Programs

Take Advantage of Maryland First-Time Home Buyers Programs

Did you know that Maryland offers many programs and incentives when purchasing a home? For first-time homebuyers looking for a primary residence, the programs offer a wide array of support, from down-payment assistance to modified interest rates. One of the best local programs a first-time home buyer can take is through the Maryland Mortgage Program (MMP).

Funded by The Maryland Department of Housing and Community Development, the MMP program offers unique qualifying criteria that allow first-time buyers to purchase with no down payment. The general conditions to qualify include: purchasing a home in Maryland, choosing a verified DHCD lender, taking a home buyer education course, have a household income at or below the local income limit, not own any other real estate, and live in the home you’re purchasing (primary residence). The first-time home buyer course is taught locally by Garrett County Board of REALTORS members through Community Action. Other grants that can be combined with MMP include low fixed-rate mortgages and flex loans and grants, which offer a percentage or your mortgage or a set amount as an additional grant.

This program is specific to Maryland residents and provides an alternative to traditional mortgage routes.