Comprehensive Guide to Maryland First-Time Home Buyer Programs

Exploring Maryland first-time home buyer programs can open the door to numerous benefits and financial aids that make purchasing your first home feasible and more affordable. In Maryland, first-time home buyers have access to several beneficial programs that ease the financial burden, making homeownership more attainable. Here’s an in-depth look at these programs.

Overview of the many Maryland First-Time Home Buyer Programs

Maryland Mortgage Program (MMP): 

Run by the Maryland Department of Housing and Community Development, MMP offers various mortgage products and financial support for first-time buyers aiming to make home-buying more affordable.

Maryland MMP 1st Time Advantage: 

This program provides first-time buyers highly competitive 30-year fixed interest rates (learn more→).

Maryland MMP Flex Loans Programs: 

Our partners at Prosperity Home Mortgage, an approved Maryland MMP lender, offer flexible financing options to help you achieve your goal. With the Maryland Mortgage Program Flex, you can enjoy competitive rates and adjustable solutions (learn more→). 

Down Payment Assistance Programs (DPAs) 

• Maryland’s DPAs are crucial for managing upfront costs:
• MMP 1st Time Advantage 4% Loan: Offers a no-interest, deferred payment plan providing 4% of the loan amount as a down payment aid  (PDF Factsheet→)
• MMP 1st Time Advantage 5% Loan: Similar to the 4% loan but offers 5% of the loan amount  (PDF Factsheet→)
• 1st Time Advantage Direct: Provides the lowest rates offered by MMP, excluding down payment help  (learn more→)

Unlock Homeownership with My Team at Prosperity Mortgage’s ‘BorrowSmart’ Access Program

This program offers an array of financial aids including down payment and closing cost assistance, promoting equitable homeownership opportunities (learn more→).

Local Homebuyer Programs:

Maryland counties and cities offer tailored programs to foster homeownership locally. Notable examples include:

• Baltimore City: Programs focus on financial assistance, and educational workshops, and are particularly aimed at reducing homeownership disparities in underserved communities (learn more→).
• Frederick County: Offers comprehensive aid covering down payments,  closing costs, and features low-interest loan options to alleviate financial stress for new buyers (learn more→).
• Gaithersburg: The Homebuyer Assistance Loan Program aids first-time buyers by offering low-interest loans, down payment help, and closing cost coverage (learn more→).
• Anne Arundel County: Features the Homebuyer Assistance Program which supports first-time buyers by reducing economic barriers like substantial upfront costs (learn more→).
• Harford County: Provides CDBG HOME Funding, granting financial help including down payment and closing cost support to encourage community development alongside homeownership (learn more→).
• Howard County: Offers Mortgage Finance Closing Cost Assistance specifically designed to help manage closing costs purchases (learn more→).
• Prince George’s County: Its suite of programs includes financial aid, educational resources, and low-interest loans tailored for first-time buyers, addressing both the monetary and informational gaps (learn more→)

Getting Started as a First-Time Home Buyer in Maryland: 

1. Assess and improve your credit score by working to make corrections and paying off debts.
2. Establish your budget and determine your capacity for a down payment.
3. Explore and understand the specific requirements of various home-buying programs.
4. Consult a REALTOR® and experienced mortgage lenders to review your options.
5. Participate in required homebuyer education courses.
6. Collect essential documents like income proofs, tax returns, and bank statements.
7. Find more tips by reading our Home Buyer Checklist, and follow us on social media where we post daily real estate, tips and guides.