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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.
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.