Moving to Maryland: How to Get Help with Your Down Payment and Closing Costs

Are you thinking about moving to Maryland? If so, you may be wondering how you can afford a down payment on a home. The good news is that there are a number of down payment assistance programs available to help Maryland residents purchase a home.

Down Payment Assistance Programs in Maryland

There are a variety of down payment assistance programs available in Maryland, each with its own eligibility requirements and benefits. Some of the most popular programs include:

The Maryland Mortgage Program (MMP): This program offers down payment assistance of up to 5% of the purchase price of a home. Eligible borrowers must have a credit score of at least 620 and a debt-to-income ratio of no more than 50%.
The Maryland Mortgage Credit Certificate (MCC): This program offers a tax credit of up to 40% of the interest paid on your mortgage. Eligible borrowers must have a credit score of at least 620 and a debt-to-income ratio of no more than 50%.
Area Specific Loan & Down Payment Assistance programs: Some of these lenders require you to meet a few steps like meet with a lender and/or take a course. Montgomery County has some specific products that can be found here. Greenbelt has a program that includes $15,000 towards down payment assistance and/or closing costs (details here).

How to Apply for Down Payment Assistance

To apply for down payment assistance, you will need to contact the program directly. Each program has its own application process and requirements.

Benefits of Using Down Payment Assistance

Using down payment assistance can make it easier to afford a home in Maryland. By reducing the amount of money you need to save for a down payment, you can free up more money to cover your monthly mortgage payments and other expenses.

Down Payment Assistance and Closing Costs

In addition to down payment assistance, some programs also offer help with closing costs. Closing costs are the fees associated with buying a home, such as appraisal fees, title insurance, and recording fees. Closing costs can add up to thousands of dollars, so any help you can get with them can be a big savings.

If you are thinking about moving to Maryland, don't let the high cost of housing discourage you. There are a number of down payment assistance programs available to help you make your dream of homeownership a reality.