This article was originally published on UrbanTurf years ago, but we re-publish it from time to time with updated links to remind readers of the homebuyer programs available in Maryland.
Last week, UrbanTurf looked at programs in the District that help buyers defray costs. This week, we take a look at a similar list for homeowner-hopefuls in Maryland. Virginia, you’re up next.
Maryland Mortgage Program (MMP): This umbrella program is basically a portal to all of the state-offered incentives for homebuyers. It primarily offers homebuyers low, fixed interest rates, and then offers additional incentives to Maryland Mortgage Program (MMP) buyers. Associated programs like House Keys 4 Employees and CPIP offer funds to help out with down payments and closing costs.
Healthy Neighborhoods Loan Program: This program is aimed at increasing the home values of property in undervalued neighborhoods in Baltimore. Eligible home buyers on certain blocks can receive a rehab grant of up to $10,000 and can borrow up to 110% of the post-rehab value.
Local programs: Homebuyers in various Maryland cities may qualify for community-specific incentives. Hagerstown, for example, offers different incentive programs for buyers, like a 2.5% commission to buyer's agents when an income-eligible purchaser buys a house renovated by the city. Another program aimed at revitalizing the town’s city center gives homebuyers a loan of up to $7,500 loan for a down payment or home repairs associated with buying a vacant home; it’s forgiven after five years of residence.
This article originally published at https://dc.urbanturf.com/articles/blog/first-timer-primer-marylands-home-buyer-assistance-programs/18564.
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