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Maryland Purchase Program

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Maryland Purchase Program

Have you ever heard of the Maryland Purchase Program (MPP)? This is not to be confused with the Maryland Mortgage Program (MMP) which is a completely different program that covers the entire State of Maryland.

The Maryland Purchase Program is ONLY for Montgomery County

It offers a 3% loan that is completely forgiven if the buyer occupies the home for 5 years. If a buyer works in Montgomery County, they are also eligible for a loan of 5% of the sales price up to $10,000. This loan is repaid back to the County over 10 years at an interest rate of 5.00%.

This means your buyer can get into a home with almost no money out of pocket if they work in Montgomery County! And even if they don’t work in Montgomery County, they are still eligible for the 3% loan for the down payment.

 

Video Summary

 

Here are some guidelines of the program:

* The program is only for first time home buyers. The definition of a first time home buyer is someone who has not had any ownership interest in his/her primary residence anywhere during the last 3 years.

* Borrowers do not have to be a current resident of Montgomery County or working in Montgomery County to use the MPP.

* U.S. citizenship is not a requirement.

* At least one borrower in the household must provide a certificate of completion of a first time homebuyer education class.

* Household income cannot exceed HOC’s maximum income limits.  For a 1 person household the limit is $91,728, a 2 person household is $131,040 and a 3 person or more household is $152,880.

* The loan amount cannot exceed the conforming loan limit of $453,100.

* Property must be located in Montgomery County.

* Minimum credit score of 640 is required. Financing can be used for conventional or FHA loans.

* The MPP does not have a resale restriction on properties.

Related Links:

https://montgomerycounty-homes.com/Maryland-Grant-Assist-Program/

Guest Author

As always, please feel free to contact me with any questions or to prequalify any of your buyers.

TAMMI LEWIS

Loan Officer

First Home Mortgage

cell: 410.725.9451| fax: 443.725.0519

tlewis@firsthome.com

 

NMLS ID#: 455836

 

A REFERRAL IS THE BEST COMPLIMENT I CAN RECEIVE!

 

This information is provided for business and professional uses only and is

not to be provided to the consumer or the public. This information is

provided to assist real estate professionals and is not an advertisement to

extend credit as defined by Section 1026.2 of Regulation Z. Programs,

interest rates, terms and fees are subject to change without notice. First

Home Mortgage Corporation NMLS ID #71603.

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About The Author
Doug Kenny

Solutions Based Real Estate ServicesInitially starting as a real estate appraiser, I'm now a 20 year real estate sales veteran and associate broker at Remax. In real estate, what matters is getting a home or investment property sold in as short a time as possible. On the buying side of real estate, finding a home or investment real estate property that meets the need of the client is the key. We work very closely with all of our real estate clients to assure a positive result. This includes weekly communication and real estate status reports. Doug works in Montgomery County Md at Remax Pros. He can be reached at 301-351-1187 or at doug@dougkenny.com. Broker Office phone number: 301-916-1400

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