So you are looking to buy a home and have some questions about the benefits of the Maryland Mortgage Program. Here are some of the key points:
- The requirements for counseling pre-contract in Baltimore City and County have been removed. The entire State is not standardized for counseling. It can be done on-line or in-person.
- 3% down payment/closing costs are available.
- 4% grant is available for down payment/closing costs, and clients do not need to be a first time home buyer. The grant is forgivable immediately after settlement.
- $5,000 down payment/closing costs are available.
- 15% is available to be applied toward max $40,000 of student loan debt – 5 year forgivable loan with a 680 credit score required.
- Minimum 640 credit score, income limits do apply, and no additional home inspection is required.
Information courtesy of Ann Fisher with Fitzgerald Financial Group.
For full information, please visit the Maryland Mortgage Program Website