Purchasing your first home can be a daunting task, but there are many Maryland first-time home buyer programs available to help make the process easier. The My Home Mortgage Team is available to guide you through the process of buying your first home and provide you with more information about our first-time home buyer programs, so you can have the home of your dreams.
Continue reading as we discuss the best Maryland first-time home buyer programs. To learn more, contact our team today.
MMP 1st Time Advantage Direct
MMP (Maryland Mortgage Program) is a state program that provides a variety of home loan products to make home buying more affordable. The My Home Mortgage Team offers MMP’s first-time advantage direct mortgage option, which provides an interest rate reduction for borrowers who meet certain requirements, including a minimum credit score of 640.
MMP 1st Advantage 3% Assistance
If you want to purchase a home that is more expensive than the limit allowed under the direct program, you may be eligible for this Maryland down payment assistance mortgage. This program offers a grant of up to three percent of the home’s purchase price to be used towards a down payment and/or closing costs. The amount is available in the form of a loan that doesn’t require repayment and can be repaid when the first home mortgage is paid off, refinanced, or transferred.
1st Time Advantage 5000
This program comes with $5,000 in the form of a loan as down payment assistance and closing cost assistance. There is no interest rate, and no payments are due for the life of the first mortgage. When the first mortgage has ended due to refinancing, selling the home, or repayment, the loan will be due.
Smart Buy 2.0
With the Smart Buy program, you can receive up to $40,000 to pay off student debt when purchasing your home. This allows more homes to be eligible for purchase and gives first-time home buyers a chance to find their dream home.
When you choose the My Home Mortgage Team as your partner, we’ll help you get started with your home search and provide more information about which Maryland first-time home buyer program is best for your needs. In addition, we also offer Virginia down payment assistance and D.C. down payment assistance programs. Contact us today to start on your path towards first-time home ownership!
Testimonials
Patient & Helpful
Tammi was very patient and very helpful throughout the entire application process. Being a first-time home buyer I didn't know a lot of this which made me frustrated but I was able to get approved and now I am a homeowner thanks to Tammi!
— James C.
No Pressure or Stress!
Tammi Lewis made my home buying experience very easy. I felt no stress or pressure. Tammi was with me every step and made sure I understood everything with detailed talks. My credit score was low and Tammi advised me how to raise it. So that the Loan process would be approved with no problems. Any one know that wants to buy their first home I am recommending Tammi Lewis and First Home Mortgage.
— Charlie F.
Professional & Timely
Rob made sure my experience as a first time home buyer was smooth and painless. Very professional and got things done in a timely manner. Could not have asked for more!
— Samantha J.
Great Experience for a New Homeowner
Rob was at all times, willing to go over the numerous pages of information with me. I am a new homeowner and had many as this was my first time navigating the home-buying waters. He explained things to me in a way that I understood and got me all of my documents in a timely and efficient manner. I enjoyed working with him and would refer him to anyone who is looking.
— Erica F.