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First Time Home Buyer Programs in Maryland

By
Real Estate Agent with Samson Properties

first time buyer programs

 

If you ever thought about buying a house, now is the time to do because Maryland has two great program that can assist you in making your dream home come true.

 

Stop thinking and start applying now. Take advantage of one these 2 great programs:

 

1. Up To 4% Grant Assistance Program

  • Buyers receive up to 4% of the purchase price for Down Payment and Closing Cost Assistance.

  • Minimum Credit Score - 640

  • No minimum cash needed at closing.

  • Maryland Home Credit eligible*

  • Maximum Debt to Income Ratio - 45%

  • Must be a First Time Home Buyer or buying in a "designated targeted area"

  • See attachment for income limits, maximum acquisition costs and maximum mortgage amount for each county.

     

    2. Maryland Smart Buy 2.0

  • If buyer has student debt between $1,000 and $30,000, MMP will pay off that debt as a loan forgivable after only 5 years.

  • Minimum Credit Score - 680

  • Minimum Down Payment - 5% of the purchase price

  • Maximum Debt to Income Ratio - 45%

  • Must be a First Time Home Buyer or buying in a "designated targeted area"

  • See attachment for income limits, maximum acquisition costs and maximum mortgage amount for each county.

     

    *Buyers who want to use the Maryland Home Credit will have to pay an extra $800 in closing costs. The Maryland Home Credit allows the buyer to receive 25% of the interest up to $2000 back on their taxes. They will receive this credit every year for the life of the loan. 

     

    If you’re not sure how to take advantage of these program, then call Denise or Reginald and allow us to assist you.

     

    SEARCH FOR YOUR DREAM HOME HERE!

    Bowie, MD Real Estate Listings, Upper Marlboro MD Real Estate Listings, Silver Spring MD Real Estate Listings, Washington DC Real Estate Listings and the surrounding area. The Watkins Team are your local Real Estate Experts available to assist you with all your real estate needs. Looking for Realtors who can help you sell or purchase a home, our online services are available to assist you now and you can also email, text, or call us: The Watkins Team 202-489-5478.

     

Posted by

 

Denise Dimares, Realtor

Certified Default Resolution Specialist

The Agent who Informs, Inspires, Empowers and Transforms Lives

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