![\"Maryland](\"https:\/\/mortgageequitypartners.com\/maryland\/wp-content\/uploads\/2024\/03\/Maryland-Houses.jpg\")
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The Maryland Mortgage Program<\/a> has some extremely generous mortgage programs with down payment assistance (DPA) and flexible qualifying guidelines to make owning a home affordable for more borrowers in Maryland. The programs include conventional and government loan options for first-time homebuyers and repeat buyers.<\/p>\n The 1st-Time Advantage line of programs<\/a> is only available for first-time homebuyers unless they purchase in a targeted area. Maryland’s targeted areas are determined by the US Census Bureau and are areas with fewer restrictions for homebuyers using Maryland Mortgage Programs. A borrower is considered a first-time homebuyer if it has been more than three years since owning a primary residence or if they are an honorably discharged veteran who had not previously used the first-time homebuyer exemption.<\/p>\n The MMP Flex programs<\/a> are designed for borrowers who are repeat homeowners. The flex programs have the following options:<\/p>\n The Flex Direct<\/strong> loan has no DPA but competitive interest rates, and it allows for external sources of DPA.<\/p>\n The Flex 5000<\/strong> comes with a $5K loan for down payment and closing costs. The DPA loan is a zero-interest loan with no payment due until the first mortgage ends (repayment, refinance, transfer, sale).<\/p>\n The Flex 3%<\/strong> loan comes with a loan equal to 3% of the first mortgage in a zero percent deferred second lien.<\/p>\n Some programs listed above are eligible for the Maryland Mortgage Partner Match program<\/a> for qualified borrowers. For those borrowers using the Maryland Mortgage Program’s 1st-time Advantage 6000 and Flex 6000, participating partners can provide financial assistance to borrowers who meet the criteria set by the partners, and MMP will match the partner’s contribution dollar for dollar up to $2,500. The match funds are added to the $6,000 of existing product assistance provided with the 1st-time advantage and Flex 6000 for a total of $8,500 assistance in a zero percent deferred loan. This loan is repayable when the home is sold or transferred or when the first mortgage is paid in full or refinanced.<\/p>\n Partner match participants include:<\/p>\n Contact your loan officer<\/a> for assistance with the partner match program.<\/p>\n Maryland Mortgage Program also offers some specialty programs that address the needs of specific communities and homebuyer groups.<\/p>\n1st-time Advantage Programs<\/h3>\n
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MMP Flex Programs<\/h3>\n
Maryland Mortgage Partner Match program<\/h3>\n
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Montgomery County-specific Programs<\/h3>\n