Maryland Department of Housing and Community Development Mortgage Programs
Details of Maryland Department of Housing and Community Development Mortgage Programs. Call 800-826-5077 now for the help.
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Maryland Department of Housing and Community Development Mortgage Programs
The Maryland Department of Housing and Community Development (DHCD) has mortgage programs for qualifying buyers, including programs for first-time home buyers and people with disabilities.
Maryland Mortgage Program
The Maryland Mortgage Program (MMP) provides 30-year fixed-rate home loans to eligible first time home buyers purchasing a home in Maryland. Loan terms are competitive with other home loan products on the market, but what makes MMP unique is the range of associated financial incentives and other assistance that, for many homebuyers, means the difference between being able to purchase and continuing to rent. MMP down payment assistance can only be obtained with an MMP first mortgage; it is not a standalone option.
The Maryland Mortgage Program
HomeAbility Mortgage Program for People with Disabilities
HomeAbility is a special product designed to assist Maryland homebuyers with disabilities to finance their home purchase. This is a Conventional Loan product and provides an 80% Loan to Value (LTV) first lien and up to 25% in a second lien to assist with down payment and closing costs. No mortgage insurance is required. The interest rate for the first lien is posted on the Interest Rates page; the second lien has a rate of 0% and payment is deferred for the life of the first lien, but becomes payable upon sale, refinance, or transfer of the home. To be eligible for the HomeAbility program, one of the borrowers has disabilities OR one of the borrowers is a guardian for, resides with, and is the principal caregiver for an immediate family member who is disabled (regardless of age).
