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About Maryland Mortgage Program (MMP)
Purchasing a home is a goal of every American. Your home is a place you can truly call your own, where you can bring up a family.
But sometimes this dream of owning a home can feel out of reach in spite of your hard work.
To help every American achieve their dream there are programs from the state that exist to help you get there.
The Maryland Mortgage Program is designed for people who are able to afford the day-to-day costs of homeownership but who are unable to go ahead because of the large down payment requirements.
Introduction to Maryland Mortgage Program (MMP)
If you have heard of the Maryland Mortgage Program (MMP) or seen its advertisements, let us learn some more about it.
Maryland Mortgage Program is created keeping in mind to make a home more affordable by providing assistance with down payment and monthly mortgage payments.
They are for made keeping in mind of people just like you and me.
The program aims at providing help to future Maryland homeowners to find a safe and secure home loan from Maryland’s Housing Finance Agency.
The MMP program gives down payment and closing cost assistance, a 30-year fixed mortgage rate, homebuyer education, and Maryland HomeCredit to buyers.
A huge network of approved mortgage lending organizations work with the Mortgage Program and provide assistance to borrowers in choosing the right loan products that are ideal for them.
The Maryland Department of Housing and Community Development (DHCD) put forward Maryland Mortgage Program (MMP).
Appropriate borrowers can get in touch with an approved MMP lender and apply for a Maryland Mortgage Program home loan, and get Down Payment Assistance benefits, a 30-year fixed interest rate home loan is also offered to homebuyers with the program.
The Qualifying criteria of the MMP
To qualify for the program only first-time Maryland homeowners are eligible. The household income is the most important criterion for the program.
Other factors like the applicant’s age, location of the borrower’s home, their current debts, credit history, employment status, and social security are considered by the lender.
Before one can be approved for the entire program the borrower must complete the Homebuyer Education Course. Each county in Maryland has its requirements.
A loan that can be up to $5,000 is provided in the Down Payment Assistance (DPA) program.
The borrower’s loan can be hugely helped past that original amount with the help of partner organizations and local government called Partner Match Programs.
Lenders who are participating in the MMP are trained before they can originate, process, and close the MMP home loans. By selecting their county, borrowers can find their local lender on the website.
Homebuyers can also use their preferred lender, but the lender must be a part of MMP in order to receive Maryland HomeCredit.
Information about choosing a real estate agent for the preferred home and information sheet of the State of Maryland’s Real Estate Commission can be found for free on the website.
Based on the purchase price, the term of the loan, interest rate, and down payment a free monthly mortgage payment calculator is provided by MMP.
The MMP is not funded by taxpayers, but the fund is raised by Community Development Administration in the national municipal bond markets.
Maryland HomeCredit can be used every year by homebuyers that is good for the duration of the principal loan amount till the time the principal loan is active, however, it cannot be transferred to another property.
As a first-time homebuyer, there is a lot of things in one’s mind, but with helpful information from their lenders, real estate agents and the local government the Maryland Mortgage Program can make it easier.
The borrower can go online to see all the specific fact sheets for more information about all of the available programs and rates. One can also download an information packet about the MMP.
Conclusion
The Maryland Mortgage Program has a broad network of approved mortgage lending organizations that can assist borrowers to decide the best loan products for themselves.
The newly designed website of the Maryland Mortgage Program will be launched on November 18th, 2021.
The Maryland Mortgage Program is committed to making homeownership affordable.
MMP is the state’s flagship homeownership program and has assisted many families to acquire a home of their own with the help of tax credits, down payment assistance, and low-interest-rate options.
