Our Programs
The Maryland Mortgage Program helps homebuyers in Maryland achieve their dream of homeownership through a range of programs that make purchasing and owning a home more affordable.
Home Loan Programs
MMP home loans are available as either Government or Conventional insured loans. Government loans can be guaranteed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the U.S. Department of Agriculture/Rural Housing Service (USDA/RHS). Conventional loans may have higher interest rates but the private mortgage insurance cost could result in a lower overall monthly payment.
MMP has a dual track product line which includes the 1st Time Advantage loan products and the Flex products. We also offer some specialty loans for specific types of borrowers (with student debt, or purchasing in a particular location). Product enhancements may also be available (special assistance grants or mortgage credit certificates).
Your individual situation will determine which loan option fits you best. Talk to one of our state-approved mortgage lenders to learn more.
Maryland SmartBuy 3.0 gives homebuyers an opportunity to purchase any home in Maryland that meets Maryland Mortgage Program guidelines while paying off student debt.
Program Eligibility
To qualify for the Maryland SmartBuy 3.0 program, homebuyers must have existing student debt with a minimum balance of $1,000. Maryland SmartBuy 3.0 financing provides up to 15% of the home purchase price for the borrower to pay off their outstanding student debt with a maximum payoff amount of $50,000.
The full student debt for at least one of the borrowers must be paid off at the time of the home purchase, and homebuyers must meet all eligibility requirements for the Maryland Mortgage program.
Approved SmartBuy Mortgage Lenders
Financing for the Maryland SmartBuy 3.0 program is available only through approved Maryland SmartBuy lenders. These lenders can help you confirm your eligibility and ensure you meet all applicable requirements. We can assist you with finding an approved Marylan SmartBuy lender.
Chenoa Fund™ is a down payment assistance program provided through CBC Mortgage Agency™ (CBCMA), which is one of nine tribally owned enterprises of the Cedar Band Corporation. CBCMA’s mission is to increase nationwide affordable and sustainable home ownership, with a focus on creditworthy, low- and moderate-income individuals.
Chenoa Fund Provides
- Home buyers 3.5% or 5% down payment assistance
- Post-closing for home buyer assistance
- Fast approval process without review delays
- Minority opportunities with UHOUSI and the Kani Urban Indian Housing initiative
- The ability to become a first-time home buyer and build wealth
- FHA program offerings with a minimum credit score of 600
- Industry-leading customer service that guides home buyers through the home buying process
- 18 months of post purchase counseling for home buyers
- Minority-focused initiatives to help educate under-served communities about building wealth through sustainable home ownership
We love this program because it helps so many buyers that don’t qualify traditionally for a down payment program. This program has a lot of features that allow home buyers the opportunity to get down payment and closing costs money where other programs may not.
Here are the most common situations as to why we would use this program over other down payment programs.
- The buyer needs closing cost assistance
- The buyer wants to purchase a home beyond the typical 45% debt ratio guideline that most down payment programs adhere to – Chenoa follows the automated underwriting approval so the debt ratio can be as high as 56.99%
- The buyer does not have to be a first-time home buyer defined as having not owned a home in 3 years
- The buyer already owns property – Chenoa allows buyers to own and retain their existing property
- The buyer has a co-signor that owns property – Chenoa allows a co-signor to own property whereas other down payment programs do not
- The buyer exceeds the household income limits – Chenoa has NO income limits
- The program does not require tax returns so we would not see any business losses that could hurt their purchasing power
- Credit scores can go as low as 620
What does Chenoa actually cover? It can cover the ENTIRE 3.50% and 1.50% in closing costs for the buyer in the form of a loan or forgivable grant if the buyer makes their mortgage payments on time for 36 months. And it is available nationwide so it can be used in DC, MD and VA.
The bottom line is the program is EXTREMELY flexible to help buyers purchase homes. It really is the program that says YES where other programs say no!
A down payment as low as 10% on a U.S. Bank jumbo loan. These loan options include:
- $900,000 at 90% loan-to-value (LTV)
- $900,000 – $1.5 million at 80% (LTV)
- Lender-paid mortgage insurance (LPMI) at 90% LTV up to $1.25 million
Special terms and rates apply. Contact us for more details on this program.
First Time Homebuyer Assistance Program
If you are a first-time home buyer, you could be eligible for up to $25,000 in down payment and closing costs toward purchasing your first home.
As of October 1, 2023 Pathway To Purchase available funds are $816,526.83.
Eligible Properties
Any residential property including:
- Resale
- Foreclosure
- Short Sale
- New Construction
Pathway to Purchase is a 0% interest, deferred payment loan. The loan is forgiven after 10 years!
To get started with the Pathway to Purchase process, please contact us to be matched with one of the approved mortgage lenders to get qualified for a mortgage loan. Once you qualify for a mortgage loan, your lender will send your loan documents to the Pathway to Purchase program for review and consideration.
Loan Terms
Purchaser must pay back the loan in full when the home is sold, transferred, or ceases to be the primary residence of the buyer(s) within the 10-year affordability period.
Purchase Price Limits
$432,000 for resale
$467,000 for new construction
Go to the Pathway to Purchase Program.
Exciting News! FHLB (Federal Home Loan Bank) grants can help you save on your home purchase with up to $12,500 for first-time homebuyers and up to $15,000 for community partners. The funds can be used for reducing principal, as well as assisting in down payments, closing costs, and rehabilitation costs. The Federal Home Loan Bank replenished their funds in MD, DC and VA. They are limited though and will go very fast because the grant is very popular and easy to obtain for buyers.
FHLB created a second version version of their program which is super exciting because it expands the availability of funds to more buyers. The changes under the new program are in bold below and are amazing since they now offer a flat $15,000 to any buyer, higher income limits and no first-time home ownership requirement.
FHLB Original Program
- Must be a first time home buyer defined as having not owned a home in 3 years
- Minimum credit score 620
- Debt to income ratio up to 50%
- Primary residences only, 1 unit
- Income limits are capped at 80% household area median income (AMI)
- Buyer must contribute a $1,000 and these funds can be gifted
- Buyer cannot receive more than $250 back at closing
- Offers $12,500 in funds to buyer who are not Community Partners
- Offers $15,000 for buyers that are Community Partners defined as buyers employed in or retired from any of the following professions: healthcare, law enforcement, education, law enforcement, firefighters, veterans and other first responders
- Community Partner buyers do not need to be a first-time buyer but still must contribute the $1,000 minimum contribution
- Funds are forgivable after 5 years, 20% forgiven each year
FHLB Added Program
- Buyer does not have to be a first time buyer but cannot own a home at the time of closing
- Minimum credit score 620
- Debt to income ratio up to 50%
- Primary residences only, 1 unit
- Income limits are capped at 80.01%-120% household area median income (AMI)
- Buyer must contribute a $1,000 and these funds can be gifted
- Buyer cannot receive more than $250 back at closing
- Offers $15,000 to any buyer, they do not have to be a Community Partner
- Funds are forgivable after 5 years, 20% forgiven each year
First-Time Homebuyers: Grants up to $12,500
- Implemented to help more first-time homebuyers achieve their dreams of homeownership.
- Eligible first-time homebuyers can use these funds to reduce principal or to help cover closing costs, down payments, and/or rehabilitation costs.
Community Partners: Grants up to $15,000
- Designed to support vital members of the community who help others for a living.
- Home purchase assistance provided to current or retired law enforcement officers, educators, health care workers, firefighters, other first responders, and employees of those groups, veterans and active-duty military, or their surviving spouse.
- Both first-time and repeat homebuyers may be eligible.
For full eligibility guidelines and to learn more about how to take advantage of these great grant opportunities, reach out to me and my team today.
