The Maryland Department of Housing and Community Development’s Maryland Mortgage Program today announced the launch of new loan products to provide more flexible options of down payment and closing cost assistance. The Maryland Mortgage Program has been the state’s flagship homeownership program for over 40 years, and, for the past three years, has averaged over $1 billion in home loan reservations, helping about 4,000 Marylanders get into their dream home each year.
The Fiscal Year 2023 new products and enhancements 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% downpayment 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 7th year in a row and will offer up to $25,000 in down payment assistance, in partnership with Montgomery County.
If you have questions regarding any of the new program features, simply contact me and I can connect you to a local lender who is well versed in Maryland’s Mortgage Program and their flexible loan products.
