What is mortgage MMP?
The Maryland Mortgage Program (MMP) provides 30-year fixed-rate home loans to eligible homebuyers purchasing in Maryland.
What credit score do you need for the Maryland Mortgage Program?
640
➢ Minimum Credit Score is 640, but some products have higher minimums (see fact sheets). ➢ Maryland Mortgage Program loans must be done through an approved MMP lender; there are more than 100 lenders; contact information is on our website here: mmp.maryland.gov/findlender.
Does Maryland have a first-time homebuyer program?
Maryland first-time homebuyer loan programs There are two main loans in the Maryland Mortgage Program: 1st Time Advantage loans, which assist first-time homebuyers specifically; and Flex loans, which can be for first-time or repeat buyers.
Who qualifies as a first-time home buyer in Maryland?
In Maryland, an individual who has not owned a home in the past three years is considered a first-time homebuyer. There are some exceptions to this, such as homeowners purchasing in a Targeted Area and some qualified veterans.
Can you refinance with MMP?
Available Assistance MMP matches the funds dollar-for-dollar up to a maximum of $2,500 in the form of a zero-interest, deferred loan which is repayable when the home is sold or transferred, or when the first mortgage is paid off or refinanced.
Can I buy a house with no money down in Maryland?
USDA loan – For those on low–to–moderate incomes buying in designated rural areas. Zero down payment required. Credit score requirements vary by lender but often 640. Maryland Mortgage Program – May include competitive interest rates and can be used with down payment assistance.
What is MMP in Maryland?
What benefits do first-time home buyers get in Maryland?
Summary: 2021 Maryland DHCD first-time home buyer programs
- MMP 1st Time Advantage offers eligible first-time homebuyers low interest rates on 30-year fixed-rate mortgages.
- MMP Flex Loans provide grants or no-interest, deferred loans for down payment and closing cost assistance.
How much is a down payment on a house in Maryland?
Conventional loans require a 20% down payment, but FHA loans only require you provide 3.5% of your new home’s value at the time of purchase.