State Reveals New Home Loan Products To Help Marylanders Buy New Homes
BALTIMORE (WJZ) -- The Maryland Department of Housing and Community Development's Maryland Mortgage Program is launching a variety of new home loan products to provide more flexible options for down payments and closing cost assistance, according to housing officials.
The new financial assistance will help additional Marylanders buy their dream homes.
"In this challenging housing climate, when interest rates are increasing and affordable housing inventory is low, the state of Maryland is always looking for innovative offerings to make homeownership affordable," Department of Housing and Community Development Secretary Kenneth Holt said. "Our Maryland Mortgage Program is nationally-recognized for a diversified product line, and we are constantly evaluating new products that give Marylanders the best option for homeownership."
The Maryland Mortgage Program has for the past three years averaged over $1 billion in home loan reservations, helping about 4,000 Marylanders acquire homes, according to housing officials.
The Fiscal Year 2023 new loan products include:
- Base down payment assistance will be increased from $5,000 to $6,000.
- 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.
- 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.
- HomeAbility, for homebuyers with disabilities, to provide increased funding and a flexible loan structure.
- Montgomery Homeownership Program VII reopens for the seventh year in a row and will offer up to $25,000 in down payment assistance, in partnership with Montgomery County.
To learn more about these products go to visit mmp.maryland.gov and contact a participating lender.
