House Keys 4 Employees enables eligible homebuyers to receive more downpayment and/or closing cost assistance than is available through the standard DSELP Program.
Any borrower who receives a contribution for downpayment and/or closing cost assistance from an employer, local government, union, or nonprofit agency and meets the eligibility criteria under the Maryland Mortgage Program (MMP) may participate in House Keys 4 Employees.
DHCD will match contributions dollar-for-dollar, up to $5,000, toward downpayment and closing costs from participating employers. The employer's contribution may be combined with assistance from local jurisdictions, unions and/or nonprofit agencies; however, the House Keys 4 Employees match will not exceed $5,000. The match is in the form of a 0% deferred loan that is repayable at the time of payoff or refinance, or upon the sale or transfer of the house. This assistance is over and above what is available through the standard downpayment and closing cost assistance programs, allowing some borrowers to have more choices in buying a home. Using this program along with the tax credit provided an excellent opportunity to own a home
There are two types of closing cost assistance available:
1. • DSELP - a deferred loan at 0%
2. • MMP-Plus - a grant equal to 2% of the loan amount (see below)
You may select either the DSELP or MMP-Plus Program. If you elect to use the MMP-Plus Program, you will pay a slightly higher interest rate and,
1. • if your loan is insured by FHA, MMP-Plus may be used to fund closing costs only.
2. • if your loan is insured by a private mortgage insurance company or guaranteed by VA or RHS, MMP-Plus may be used to fund both downpayment and closing costs as permitted by the insurer/guarantor.
Individuals or families who are approved to purchase a home using a loan through the More House 4 Less Maryland Mortgage Program can apply for assistance.
1. • Borrowers who select a DSELP loan through the More House 4 Less Maryland Mortgage Program, can receive up to an additional $5,000 from House Keys 4 Employees (based on dollar-for-dollar matching contributions) to add to the amount available under the regular DSELP Program.
2. • Borrowers who select an MMP-Plus grant through the More House 4 Less Maryland Mortgage Program, can receive up to an additional $5,000 from House Keys 4 Employees (based on dollar-for-dollar matching contributions) to add to the 2% closing cost assistance grant.
If you are thinking about buying your home in Howard County or surrounding counties... Gives us a call so that we may discuss your options.
The Harris Team