This article was originally published on UrbanTurf early in 2014, but we re-publish from time to time with updated links to remind readers of the homebuyer programs available in Maryland.
Last month, 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.
Individual Development Account (IDA): Some first-time homebuyers may qualify for the Greater Washington Urban League’s IDA program, available to both DC and Prince George’s County residents. This program matches up to $10,000 to help lower-income individuals buy a house. If you live in P.G. County, you need to make less than 80 percent of the median family income to qualify. You’ll also be required to take some financial and homeownership training courses.
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 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 and property in undervalued neighborhoods. Eligible home buyers can receive a 3 percent down payment and dollar-for-dollar rehab loans up to $10,000, among other incentives.
Local programs: Homebuyers in various Maryland cities may qualify for community-specific incentives. Hagerstown, for example, offers three different incentives programs for income-eligible buyers (check them out and apply here). One program aimed at revitalizing the town’s city center gives homebuyers a $10,000 loan to be used for a down payment or home repairs associated with buying a new home. It’s forgiven after five years of residence.
Other First-Timer Primers:
- First-Timer Primer: DC’s Home Buyer Assistance Programs
- First-Timer Primer: When Is an ARM Better Than a Fixed-Rate Mortgage?
- First-Timer Primer: What Is the Right of First Refusal?
- First-Timer Primer: What is a Rent Back?
- First-Timer Primer: Is This Condo Building Financially Healthy?
- First-Time Primer: Obtaining a Basic Business License For Your Rental
- First-Timer Primer: A Condo Fee Tutorial
- First-Timer Primer: Interest Rates and Mortgage Points
- First Timer Primer: The Splitting the Rent Formula
- First Timer Primer: Tax Relief for DC Homeowners
- First Timer Primer: How Do Mortgage Payments Work?
- First Timer Primer: How Much Cash Do You Need to Buy a House?
- First-Timer Primer: The Mortgage Pre-Approval Process
- How a $100 Mistake Can Sink Your Credit Score
This article originally published at https://dc.urbanturf.com/articles/blog/first-timer_primer_marylands_home_buyer_assistance_programs/7989.
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