As a first time home buyer, it can be a little frightening to engage into the buying process. Especially given the costs being presented ( Downpayment , closing costs…). Once might wonder how to find ressources to afford purchasing.
MMP offers programs providing help to first time buyers as well as repeat buyers. However, this specific post will focus primary on first time home buyers. MMP offers a suite of programs : MMP 1st time advantage and others. lets discuss those programs below.
To begin, lets note that one needs a credit score of at least 640 to qualify for the programs.
1 st time advantage direct: this program does not provide any down payment assistance, however, it does provide very competitive rates.
1st time advantage 5000: this program might be ideal for those needing a little help to cross the line. It provides $5000 for down payment assistance in a form of a 0% deferred loan. the loan is repaid once: you sell, refinance or pay off the property.
1s time advantage 3% loan: this could be ideal for those needing more than $5000 for the down payment assistance. It provides a 0% deferred loan of 3%. Same as the advantage 5000, the loan is repaid once the property is sold, paid off or refinance.
Maryland Smartbuy: this program could be ideal for those with student loans. It provides up to $30k to pay off your student debts. Let’s note that it provides 15% of the sales price up to $30k. the debts must be paid off fully at closing.
Maryland HomeAbility: this program offers assistance to first time home buyers with disabilities.
Montgomery Homeownership program: this program provides home buyers looking to purchase in Montgomery with a maximum of $25k for assistance.
With the programs above, you can see which one might make sense for your specific situation in case there is a need for help.