Last week the state released details on several new and improved loan products aimed at help Maryland homebuyers.
The Maryland Department of Housing and Community Development's Maryland Mortgage Program today announced the launch of new loan products to provide more flexible options of down payment and closing cost assistance. The Maryland Mortgage Program has been the state's flagship homeownership program for over 40 years, and, for the past three years, has averaged over $1 billion in home loan reservations, helping about 4,000 Marylanders get into their dream home each year.
The Fiscal Year 2023 new products and enhancements include:
- Base down payment assistance will be increased from $5,000 to $6,000.
- SmartBuy, which offers student debt relief to homebuyers, will provide an extra down payment assistance option of a 4% loan. SmartBuy borrowers can choose between $6,000 or a 4% downpayment and closing cost assistance loan in addition to student debt relief up to $30,000.
- HomeStart is a new loan product for borrowers with income below 50% AMI to assist them with a 6% down payment and closing cost assistance loan.
- HomeAbility, for homebuyers with disabilities, to provide increased funding and a flexible loan structure.
- Montgomery Homeownership Program VII reopens for the 7th year in a row and will offer up to $25,000 in down payment assistance, in partnership with Montgomery County.
In addition to the newly launched loan products, the Maryland Mortgage Program offers a wide variety of mortgage products specifically tailored to make homeownership affordable and sustainable, including flexible government and conventional loans that come with various levels and forms of down payment and closing cost assistance and attractive interest rates for both first-time and repeat homebuyers, conventional refinancing and even student debt relief.
It is no secret that housing and housing affordability have been hot topics recently. The MACo Summer Conference session, "Let's Talk Housing: National Problem, Local Solutions," an expert panel will discuss the challenges and opportunities related to housing affordability.
The 2022 MACo Summer Conference will take place at the Roland Powell Convention Center in Ocean City, MD, from August 17-22. This year's theme is "Taking Care of Business."
Read the full press release.
Learn more state mortgage assistance programs.
Learn more about MACo's Summer Conference:
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