MD Mortgage program: An eligible person will be able to apply for this program. It is designed strictly for First time home buyers in the state of MD. This program can be used with the down payment assistance as well. There is a minimum credit score required depending upon the specific loan product. The minimum credit score is 640. There are income income and price restriction to qualify, these restrictions depend upon the county in which the properties is being purchased.
MD Mortgage Program’s Down Payment Assistance Program:This loan is up to $5000.00. There is no interest charged for this loan and it is a deferred loan. The Loan is paid back once all payments have been made on the MD mortgage program.
BeSMART Energy Efficiency Financing: THis program provides financing to improve the home energy efficiency. the funds must be used to improve the energy efficiency of the property. The property subject to the loan must the primary residence. The minimum credit score is 640, the maximum loan is $30,000.
Individual Development Account (IDA): Some first-time homebuyers may qualify for the Greater Washington Urban League’s IDAprogram, available to both DC and Prince George’s County residents. This program matches up to $10,000 to help lower-income individuals buy a house. If you live in P.G. County, you need to make less than 80 percent of the median family income to qualify. You’ll also be required to take some financial and homeownership training courses.
Healthy Neighborhoods Loan Program: This program is designed to help increase properties’ values in undervalued neighborhoods. Eligible homebuyers can receive a 3 percent down payment and dollar-for-dollar rehab loans up to $10,000, among other incentives.
Baltimore county Closing Cost and Down payment assistance: The county of Baltimore provides a deferred loan to help low to moderate income homebuyers. The loan is forgivable if the property is occupied as the primary residence and for 15 years.
Single Family Housing Guaranteed Loan Program: This program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.
More housing programs available for each county, contact for more info about your specific county