Known for its history, baseball, and crabs, Maryland can be a wonderful place to live. However, it's also listed as one of the states with the highest average mortgage debt. The prospect of lots of mortgage debt can make home ownership difficult.
Luckily, local and national programs exist that offer down payment assistance and grants to qualified applicants.
If you're thinking about purchasing a home in Maryland, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
The Maryland Mortgage Program (MMP) offers home loans and assistance funds to eligible borrowers. Up to $5,000 of assistance can be used to help cover the costs of the down payment, closing, prepaid items, and escrow expenses.
This assistance is offered in the form of loan with deferred payments and 0% interest. The loan amount becomes due once the property is sold, refinanced, no longer the borrower’s primary residence, or the first mortgage has been paid off.
Part of this assistance comes from the Partner Match Program, where a participating partner provides funds and MMP matches the funds.