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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35 Properties
Page 1 of 3
$397,700
Neighborhood: Sunrise Cedars
5
Beds
2F11/2
Baths
2,080
Sq.Ft.
1954
Year Built
1
Day on Site
MDBC2089072
MLS
$339,900
Neighborhood: Diamond Hills
2
Beds
2F21/2
Baths
1,820
Sq.Ft.
1995
Year Built
1
Day on Site
MDCR2018830
MLS
Open 2/24
29753 Gabler Ct Easton,  MD 21601
$474,500
Neighborhood: Hunters Mill
4
Beds
2F11/2
Baths
2,760
Sq.Ft.
2009
Year Built
1
Day on Site
MDTA2007266
MLS
$425,000
Neighborhood: Pinn Sd
3
Beds
2
Baths
1,056
Sq.Ft.
1986
Year Built
1
Day on Site
VAFQ2011472
MLS
$415,000
Neighborhood: Heritage Harbour
2
Beds
2
Baths
1,272
Sq.Ft.
1990
Year Built
1
Day on Site
MDAA2078392
MLS
$179,900
Neighborhood: None Available
3
Beds
1F11/2
Baths
1,134
Sq.Ft.
1935
Year Built
1
Day on Site
MDBA2115426
MLS
$800,000
Neighborhood: Derwood Station
5
Beds
4F11/2
Baths
3,256
Sq.Ft.
1987
Year Built
1
Day on Site
MDMC2121362
MLS
Open 2/25
1257 Everett Ave Woodbridge,  VA 22191
$500,000
Neighborhood: Marumsco Acres
4
Beds
2
Baths
1,966
Sq.Ft.
1965
Year Built
1
Day on Site
VAPW2065870
MLS
$600,000
Neighborhood: Greenbriar
4
Beds
2F11/2
Baths
1,959
Sq.Ft.
1969
Year Built
1
Day on Site
VAFX2165192
MLS
$110,000
Neighborhood: Brookwood
1,650
Sq.Ft.
1948
Year Built
1
Day on Site
MDAA2078570
MLS
$100,000
Neighborhood: Ritchie Heights
1,104
Sq.Ft.
1948
Year Built
1
Day on Site
MDAA2078512
MLS
Open 2/25
2008 Whittier Ave Baltimore,  MD 21217
$299,900
Neighborhood: None Available
3
Beds
3F11/2
Baths
1,592
Sq.Ft.
1933
Year Built
1
Day on Site
MDBA2115494
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.

2262 Properties
Page 1 of 189
Open 2/24
13400 Jarrettsville Pike Phoenix,  MD 21131
$594,900
Neighborhood: Baltimore County
3
Beds
2F11/2
Baths
2,189
Sq.Ft.
1929
Year Built
68
Days on Site
MDBC2083726
MLS
Open 2/25
6218 L St Capitol Heights,  MD 20743
$342,000
Neighborhood: Cedar Heights
4
Beds
3
Baths
1,866
Sq.Ft.
1940
Year Built
21
Days on Site
MDPG2101322
MLS
Open 2/24
9435 Mount Zion Church Rd Rixeyville,  VA 22737
$825,000
Neighborhood: None Available
4
Beds
3
Baths
2,990
Sq.Ft.
1982
Year Built
17
Days on Site
VACU2007018
MLS
Open 2/24
8028C Clark Station Rd Severn,  MD 21144
4
Beds
2F11/2
Baths
2,644
Sq.Ft.
2023
Year Built
15
Days on Site
MDAA2077670
MLS
Open 2/24
2802 Cox Neck Rd Chester,  MD 21619
$989,000
Neighborhood: Southwind
4
Beds
3F11/2
Baths
3,692
Sq.Ft.
1997
Year Built
15
Days on Site
MDQA2008712
MLS
Open 2/24
2106 32nd St SE Washington,  DC 20020
$670,000
Neighborhood: Hillcrest
4
Beds
3
Baths
2,746
Sq.Ft.
1936
Year Built
13
Days on Site
DCDC2128250
MLS
Open 2/24
414 Stanton Place Alexandria,  VA 22304
$775,000
Neighborhood: Kensington Courts
3
Beds
2F11/2
Baths
2,216
Sq.Ft.
2000
Year Built
12
Days on Site
VAAX2030612
MLS
Open 2/24
7437 Forrest Ave Parkville,  MD 21234
$225,000
Neighborhood: Hillendale
3
Beds
1F11/2
Baths
1,526
Sq.Ft.
1959
Year Built
11
Days on Site
MDBC2088714
MLS
Open 2/25
502 Collingwood Dr Fredericksburg,  VA 22405
$540,000
Neighborhood: Clearview Heights
4
Beds
2F11/2
Baths
3,076
Sq.Ft.
1983
Year Built
9
Days on Site
VAST2027114
MLS
Open 2/24
8114 Gold Cup Ln Bowie,  MD 20715
$494,900
Neighborhood: Dontrine Sub Plat Two
3
Beds
2F11/2
Baths
1,588
Sq.Ft.
1989
Year Built
8
Days on Site
MDPG2104100
MLS
Open 2/24
7005 Springville Ct Springfield,  VA 22150
$1,300,000
Neighborhood: Spring Village Estates
6
Beds
4
Baths
4,800
Sq.Ft.
2013
Year Built
8
Days on Site
VAFX2164984
MLS
Open 2/24
19151 Commonwealth Terrace Leesburg,  VA 20176
$699,000
Neighborhood: Lansdowne On The Potomac
3
Beds
2F21/2
Baths
2,808
Sq.Ft.
2002
Year Built
6
Days on Site
VALO2065046
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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