Maryland Mortgage Program Announces Diversification of Loan Products
The Maryland Mortgage Program has announced the launch of new loan products to provide more flexible options of down payment and closing cost assistance for homeowners. The Fiscal Year 2023 new products and enhancements include:
1) Base down payment assistance will be increased from $5,000 to $6,000.
2) SmartBuy, which offers student debt relief to homebuyers, will provide an extra down payment assistance option of a 4% loan. SmartBuy borrowers can choose between $6,000 or a 4% down payment and closing cost assistance loan in addition to student debt relief up to $30,000.
3) HomeStart is a new loan product for borrowers with income below 50% AMI to assist them with a 6% down payment and closing cost assistance loan.
4) HomeAbility, for homebuyers with disabilities, provides increased funding and a flexible loan structure.
5) Montgomery Homeownership Program VII reopens for the 7th year in a row and will offer up to $25,000 in down payment assistance, in partnership with Montgomery County.
In addition to the newly launched loan products, the Maryland Mortgage Program offers a wide variety of mortgage products specifically tailored to make homeownership affordable and sustainable, including flexible government and conventional loans. To learn more visit mmp.maryland.gov.