Home Loan Program in Maryland
In the view below, I speak with our guest, Mike Archer from First Home Mortgage. He helps explain the first-time homeowners program in Maryland and how what it could mean for you.
First-time Home Buyers Program
This is mortgage program specifically for new homeowners. You can be a repeat buying if buying property in a targeted area, such as Baltimore and Eastern Shore. The main benefit of Maryland’s housing program is that they will offer $5,000 towards closing costs. It can also be applied to the FHA’s minimum down payment.
You can have a conventional loan, FHA loan or a VA loan with this program. The 3% down conventional loan is being talked about a lot. This mean you are getting a lower down payment option on a great loan with reduced mortgage insurance. The state of Maryland has negotiated reduced premiums for first-time Maryland home buyers.
There are sub-programs. One of them is the builder match program. This applies to new construction. If you’re buying new construction and the builder is partnered with CDA, the state will offer a $5,000 grant plus an additional $2,500!
The other program is for disabled veterans. This is brand new and offers disabled veterans a 3% fixed rate for 30 years, as well as a $5,000 grant.
So whether you are a first-time homeowner or a veteran, make sure to contact me today to take advantage of this program. If you have any questions please feel free to call me.