Maryland Mortgage Program
The State of Maryland has introduced several different loan programs to benefit potential home buyers. The Maryland Mortgage Program is the state’s flagship homeownership program. It has helped thousands of families achieve the dream of home ownership. This is done through a combination of down payment assistance, tax credits, interest rate options, and homebuyer education resources.
The Maryland Mortgage Program does however have certain criteria that must be met by the borrower or co-borrowers to be eligble. Being eligible however, doesn’t automatically mean that an applicant will be approved for a home loan. Standard underwriting practices apply, which means that a loan officer will consider a range of factors when determining whether funds can be borrowed to purchase a home and how much can be borrowed. Factors like income and current debt, employment status, and credit history will all be considered.
Maryland Mortgage Program Loan Products
Down Payment Assistance & Partner Match Programs
The Maryland Mortgage Program provides help in the form of Down Payment Assistance, as well as a range of Partner Match programs. Partner Match can be contributed from employers, developers, and community organizations. They can help you cover these down payment and closing costs. These programs may make it possible for first-time homebuyers to afford a mortgage when they would not be able to do so the conventional way.
- Reduced Interest Rate on standard Maryland Mortgage loans
- Maryland HomeCredit Fee waived – $450 value
- Save up to $150 a month with lower PMI expenses
Maryland Mortgage Grant Assist
First Time Home Buyers
Household Income Limits
Property as Primary Residence
Completion of Homebuyer Education
Some Property Restrictions Apply
Home Buyer Education
For many borrowers in Maryland, completing any of the listed Homebuyer Education classes will qualify you for Down Payment Assistance and Partner Match programs (your lender will include your certificate of completion in your loan documentation). To find a Homebuyer Education Class close to you, visit the Maryland Mortgage Program Homebuyer Education page.
Anne Arundel County:
- Homebuyer Education must be provided by a HUD-Approved housing counseling agency.
- The borrower must complete a Homebuyer Education class that includes at least eight hours of education on credit, budget, savings, the settlement process, and mortgage products.
- NOTE: The City of Annapolis does not have special requirements for homebuyer education.
- First-Time Homebuyers (see “Definitions” below) must complete Homebuyer Education with an organization approved by Baltimore City, and obtain a certificate of completion BEFORE entering into a contract of sale to purchase a home.
- Move-Up Homebuyers (see “Definitions” below) must complete Homebuyer Education with an organization approved by Baltimore City, and obtain a certificate of completion BEFORE CLOSING.
- Homebuyer Education must be received from one of the following agencies:
- Belair-Edison Neighborhoods, Inc.
- Diversified Housing Development
- Eastside Community Development Corp., Inc.
- Harbel Housing Partnership Program
- St. Ambrose Housing Aid Center
- Workshop and individual counseling must be completed and a certificate of completion received BEFORE the borrower enters into a contract of sale to purchase a home.
- Homebuyer Education must include a minimum of two hours of one-on-one, face-to-face counseling and three hours of workshop counseling. The counseling must be conducted by a HUD-approved housing counseling agency or by a lender that uses the services of a mortgage insurer with an established education/counseling program.