How First-Time Homebuyers in Maryland Can Benefit from Assistance Programs

How First-Time Homebuyers in Maryland Can Benefit from Assistance Programs

Purchasing your first home is an exciting but daunting process. There are so many factors to consider, from finding the perfect property to securing a mortgage and covering closing costs. Fortunately, if you're a first-time homebuyer in Maryland, there are several assistance programs available to help you achieve your dream of homeownership.

In this article, we'll provide an overview of some of the most popular assistance programs for first-time homebuyers in Maryland. We'll cover the eligibility requirements, benefits, and application process for each program, so you can decide which ones are right for you.

1. Maryland Mortgage Program (MMP). The Maryland Mortgage Program is a state-funded initiative designed to help first-time homebuyers and those who haven't owned a home in the past three years. The program offers a variety of benefits, including:
  • Down payment assistance of up to 4% of the home's purchase price
  • Low-interest mortgage rates
  • Reduced closing costs
  • Forgivable loans
  • Tax credits

To be eligible for the program, you must have a credit score of at least 640 and meet income and purchase price limits, which vary depending on the location of the property.

2. Maryland HomeCredit Program. The Maryland HomeCredit Program is another state-funded initiative that offers tax credits to first-time homebuyers. The program provides a federal tax credit of up to 25% of the mortgage interest paid in a given year. Additionally, the program offers a state tax credit of up to $2,000 per year for the life of the mortgage.

To be eligible for the program, you must meet income and purchase price limits, which vary depending on the location of the property. You must also have a credit score of at least 640 and use the home as your primary residence.

3. Baltimore City Special Program. The Baltimore City Special Program is designed to help first-time homebuyers purchase homes in specific areas of Baltimore City. The program offers a forgivable loan of up to $5,000 to cover closing costs and down payment assistance of up to $10,000. To be eligible for the program, you must meet income and purchase price limits, which vary depending on the location of the property.

4. Partnership for Affordable Housing Program. The Partnership for Affordable Housing Program is a statewide initiative that helps first-time homebuyers purchase homes in designated areas. The program offers a low-interest mortgage, down payment assistance, and closing cost assistance. To be eligible for the program, you must meet income and purchase price limits, which vary depending on the location of the property.

5. Maryland SmartBuy Program. The Maryland SmartBuy Program is a state-funded initiative that helps first-time homebuyers with student debt purchase homes. The program offers up to 15% of the home's purchase price to pay off student loans, as well as down payment and closing cost assistance. To be eligible for the program, you must have at least $1,000 in student loan debt and meet income and purchase price limits, which vary depending on the location of the property.

In conclusion, there are several assistance programs available to help first-time homebuyers in Maryland achieve their dream of homeownership. Each program has its own eligibility requirements, benefits, and application process, so it's important to research and compare your options. By taking advantage of these programs, you can make the homebuying process more affordable and less stressful.

If you're a first-time homebuyer in Maryland, fill out the form or contact us at 301-651-4900 to find out which first-time homebuyer assistance program works best for you!

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79 Properties
Page 1 of 7
Open 7/28
7768 Heatherton Ln Potomac,  MD 20854
$749,995
Neighborhood: Inverness Knolls
3
Beds
2F21/2
Baths
1,890
Sq.Ft.
1978
Year Built
1
Day on Site
MDMC2140690
MLS
$570,000
Neighborhood: Perrys Retreat
4
Beds
2F11/2
Baths
1,904
Sq.Ft.
2022
Year Built
1
Day on Site
MDQA2010486
MLS
$95,000
Neighborhood: Fernwood Park
2
Beds
2
Baths
1,000
Sq.Ft.
2000
Year Built
1
Day on Site
MDPG2120016
MLS
$449,900
Condo: Residences At Brambleton Condo
2
Beds
2F11/2
Baths
1,716
Sq.Ft.
2007
Year Built
1
Day on Site
VALO2076120
MLS
$140,000
Neighborhood: Brooklyn
2
Beds
1
Baths
1,460
Sq.Ft.
1943
Year Built
1
Day on Site
MDBA2132984
MLS
Open 7/27
152 Deerview Rd Keswick,  VA 22947
$695,000
Neighborhood: Green Spring Estates
4
Beds
3F11/2
Baths
4,432
Sq.Ft.
2000
Year Built
1
Day on Site
655218
MLS
$499,997
Neighborhood: None Available
3
Beds
2F11/2
Baths
1,644
Sq.Ft.
1965
Year Built
1
Day on Site
MDCR2021798
MLS
$410,000
Neighborhood: Lakeland
4
Beds
2
Baths
1,163
Sq.Ft.
1950
Year Built
1
Day on Site
MDPG2120546
MLS
Open 7/28
4648 Old Swimming Pool Rd Braddock Heights,  MD 21714
$775,000
Neighborhood: None Available
4
Beds
3F11/2
Baths
4,732
Sq.Ft.
2002
Year Built
1
Day on Site
MDFR2051384
MLS
$999,000
Neighborhood: None Available
4
Beds
4F11/2
Baths
4,419
Sq.Ft.
1988
Year Built
1
Day on Site
655261
MLS
$749,900
Neighborhood: Clarks Rest
5
Beds
4F11/2
Baths
4,441
Sq.Ft.
2023
Year Built
1
Day on Site
MDSM2020024
MLS
$2,250,000
Neighborhood: Capitol Hill
5
Beds
4F11/2
Baths
3,960
Sq.Ft.
1890
Year Built
1
Day on Site
DCDC2145856
MLS
The information being provided by Bright MLS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the Bright MLS. The Fine Living Group is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of The Fine Living Group, a broker participant of Bright MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.

The accuracy of all information, regardless of source, including but not limited to open house information, square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by Bright MLS and is protected by all applicable copyright laws. Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited.

Copyright 2024 Bright MLS. All rights reserved.

FAQ

1. Who qualifies as a first-time homebuyer?

A first-time homebuyer is someone who has never owned a home before or hasn't owned a home in the past three years.

2. How do I apply for these downpayment assistance programs?

Each program has its own application process, which typically involves submitting documentation and meeting eligibility requirements. You can find more information about each program on their respective websites.

3. Are these programs available statewide or only in certain areas?

Some programs, such as the Baltimore City Special Program and the Partnership for Affordable Housing Program, are only available in certain areas of Maryland. Others, like the Maryland Mortgage Program and the Maryland HomeCredit Program, are available statewide.

4. Can I combine multiple assistance programs?

It depends on the specific programs and their eligibility requirements. Some programs may allow you to combine benefits, while others may not. It's important to research and compare your options to determine which programs are right for you.

5. Do these programs have income limits?

Yes, most of these programs have income limits that vary depending on the location of the property. It's important to review the specific requirements for each program to determine if you are eligible.

6. Are these programs only for low-income homebuyers?

While some programs are specifically designed to help low- and moderate-income homebuyers, others are available to a wider range of income levels. It's important to review the specific eligibility requirements for each program to determine if you are eligible.

7. How long does it take to get approved for these programs?

The application and approval process for these programs can vary depending on the program and individual circumstances. It's important to plan ahead and allow enough time to complete the application process before closing on your home.

1130 Properties
Page 1 of 95
Open 7/28
800 Wind Ridge Dr Stafford,  VA 22554
$314,990
Neighborhood: Potomac Hills
2
Beds
2F11/2
Baths
1,164
Sq.Ft.
1988
Year Built
2
Days on Site
VAST2031512
MLS
Open 7/28
7768 Heatherton Ln Potomac,  MD 20854
$749,995
Neighborhood: Inverness Knolls
3
Beds
2F21/2
Baths
1,890
Sq.Ft.
1978
Year Built
1
Day on Site
MDMC2140690
MLS
Open 7/27
152 Deerview Rd Keswick,  VA 22947
$695,000
Neighborhood: Green Spring Estates
4
Beds
3F11/2
Baths
4,432
Sq.Ft.
2000
Year Built
1
Day on Site
655218
MLS
Open 7/28
4648 Old Swimming Pool Rd Braddock Heights,  MD 21714
$775,000
Neighborhood: None Available
4
Beds
3F11/2
Baths
4,732
Sq.Ft.
2002
Year Built
1
Day on Site
MDFR2051384
MLS
Open 7/25
40594 Banshee Dr Leesburg,  VA 20175
$989,900
Neighborhood: Courtland Rural Village
4
Beds
3F11/2
Baths
3,903
Sq.Ft.
2011
Year Built
22
Days on Site
VALO2074728
MLS
Open 7/27
231 Cochise Trl Winchester,  VA 22602
$354,900
Neighborhood: Shawneeland
3
Beds
3
Baths
1,695
Sq.Ft.
2018
Year Built
16
Days on Site
VAFV2020214
MLS
Open 7/28
659 Girard St NE Washington,  DC 20017
$935,000
Neighborhood: Brookland
4
Beds
4
Baths
2,194
Sq.Ft.
1927
Year Built
15
Days on Site
DCDC2147922
MLS
Open 7/27
12805 W Old Baltimore Rd Boyds,  MD 20841
$1,125,000
Neighborhood: Summerfield Crossing
5
Beds
4F11/2
Baths
5,800
Sq.Ft.
2005
Year Built
11
Days on Site
MDMC2140210
MLS
Open 7/28
12325 Daniel Circle Ln Clarksville,  MD 21029
$1,849,900
Neighborhood: Walnut Grove
6
Beds
5F11/2
Baths
8,200
Sq.Ft.
2011
Year Built
9
Days on Site
MDHW2042632
MLS
Open 7/28
43053 Northlake Overlook Terrace Leesburg,  VA 20176
4
Beds
3F11/2
Baths
2,942
Sq.Ft.
2001
Year Built
9
Days on Site
VALO2075844
MLS
Open 7/28
43175 Clarendon Square Ashburn,  VA 20148
$925,000
Neighborhood: Moorefield Station
4
Beds
3F11/2
Baths
3,496
Sq.Ft.
2017
Year Built
9
Days on Site
VALO2075874
MLS
Open 7/26
15759 Wakefield Ct Haymarket,  VA 20169
$675,000
Neighborhood: Bull Run Mountain Estate
3
Beds
3
Baths
2,205
Sq.Ft.
1977
Year Built
9
Days on Site
VAPW2075538
MLS
The information being provided by Bright MLS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the Bright MLS. The Fine Living Group is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of The Fine Living Group, a broker participant of Bright MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.

The accuracy of all information, regardless of source, including but not limited to open house information, square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by Bright MLS and is protected by all applicable copyright laws. Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited.

Copyright 2024 Bright MLS. All rights reserved.

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