8 Things You Should Know About The Maryland Mortgage Program

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We want to make sure you have all the details! Here are 8 Things You Should Know About The Maryland Mortgage Program (MMP).

MMP provides eligible homebuyers purchasing in Maryland a 30-year fixed-rate home loan.

Home loan terms are competitive with other loan products you will find on the market. What makes the MMP unique is the wide range of associated financial incentives and other assistance that for many homebuyers.

Who Administers the Maryland Mortgage Program:

The Maryland Mortgage Program is administered by the Maryland DHCD- Department of Housing and Community Development.

  1. The Maryland Mortgage Program considers a first-time home buyer to be: 1) someone who has not owned a home ANYWHERE in the last three years; or 2) someone purchasing in a Maryland Targeted Area; or 3) a veteran using their exemption for the first time.
  2. The MMP household income limit depends on two things. The size of your household
    (including everyone 18+) and
    where the property is being purchased in Maryland.
  1. Your new property must be “Owner Occupied” and may not be an investment property, second home or have non-occupant co-signers. In other words, it must be a home you intend to live in as your primary (and only) residence.
  2. Homebuyer Education is required for the MMP prior to closing. (Since the COVID-19 epidemic, classes are now available online.)
  3. The minimum middle FICO credit score to qualify for the MMP is 640. (FYI– Don’t let this confuse you. It’s your credit score that literally falls in the middle.)
  4. Your debt-to-income (DTI) ratio cannot exceed 50% for Conventional loans and 45% for other loans–no exceptions (ie; FHA loans).
  1. New home construction (considered to be anything newer than one year) must be located in a Priority Funding Area. Condominiums must be approved (FHA/FNMA). (Mobile homes do not qualify.)
  2. MMP follows the FNMA “no-flip” policy. The MMP does not allow investors to purchase properties with the intention to flip. Sorry, that’s not going to work!

Complete the Maryland Mortgage Program Buyer Questionnaire to get started today!


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About Dana Ash-McGinty 179 Articles
Dana Ash-McGinty is the Principal Broker of ASH | MCGINTY, a Washington, DC Real Estate Brokerage. This real estate maven has 15+ years experience in residential, commercial and land sales in addition to multi-state residential renovation, re-zoning, and condo conversion projects. A sought after real estate authority, she has been featured on CNN and in various real estate and financial publications. Dana is married to the highly esteemed Dr. Dana W. McGinty, a Washington, DC based internal medicine physician. They are often referred to as "The Danas".

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