Are you a fist-time homebuyer in Maryland and wondering how you will come up with the cash for your downpayment? Well, Maryland has answered your prayers! ?
The Maryland Mortgage Grant Assist gives eligible homebuyers a grant that can be used for down payment and closing costs, and the grant funds do not need to be repaid. The grant is equal to 4.0% of the purchase. On a $400,000 purchase this is $16,000 in cash!
Must be a first-time homebuyer
Must have a credit score 640 or above
Must complete homebuyer education course
Must meet income limits:
Montgomery County: $132,360 for a family of two; $154,420 for a family of three+
Prince Georges County: $132,360 for a family of two; $154,420 for a family of three+
Must meet max purchase price listed below”
Montgomery County: $585,714 for a non-targeted area; $715,872 for a targeted area
Prince Georges County: $585,714 for non-targeted area; $715,872 for a targeted area
This is truly a great option for first-time homebuyers, and we are happy to provide more information and direct you to one of the programs approved lenders to discuss it in more detail!