Maryland Homebuyer's Triple Play

By
Real Estate Agent with Allison James Estates & Homes

MD Mortgage Program (MMP) Triple Play

First time homebuyers* in Maryland are able to get up to $20,000 in financial assistance to buy a home, but only through the Triple Play Initiative. The Maryland Mortgage Program’s Triple Play Initiative is a collaborative partnership between the PG County DHCD and the State of Maryland and started the latter part of November 2014.

The Plays

Play #1 - $20,000 Down Payment Assistance – Homebuyers who qualify and are eligible will get the standard $10,000 in down payment assistance as a no-interest, deferred loan. To be eligible for an additional $10,000 grant, buyers must purchase a home in a selected zip code. The grant is immediately forgiven once the loan is closed.

 Lanham 20706  Upper Marlboro 20774, 20772 
 Riverdale 20737   District Heights 20747 
 Bladensburg 20710  Suitland 20746 
 Hyattsville 20784, 20785  Temple Hills 20748
 Brentwood 20722   Oxon Hill 20743
 Capitol Heights 20743  Fort Washington 20744

Play #2 – Interest Rate Discount – Participants will qualify for a 0.25% reduction in interest. That’s interest that is ¼% lower than the standard rate. The loans are 30 year fixed rates.

Play #3 – MD HomeCredit – Homebuyers can utilize a tax credit (up to $2,000) every year for the life of the loan. DHCD fees are waived, but lender fees may still apply.

How to participate? 

  1. Talk to your lender – He/she will confirm your eligibility and guide you in meeting the requirements. Visit my Partners page or contact me by email or text “MMP Lenders List” to 301-807-0036.

  2. Your lender will verify your eligibility for an MMP loan. Your credit history, income, employment history will be taken into account. You may be asked to submit additional information.

  3. Complete a Homebuyers Education class. Visit the providers list.

 *First time homebuyer requirement waiver may apply for certain buyers.

Comments (1)

Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is excellent information to share with prospective home buyers.

Have a most productive January!

Jan 06, 2016 08:23 PM