Last week, the state released details of several new and improved loan products aimed at helping Maryland homebuyers.
The Maryland Department of Housing and Community Development’s Mortgage Program announced today the launch of new loan products to provide more flexible down payment and closing cost assistance options. The Maryland Mortgage Program has been the state’s flagship homeownership program for more than 40 years and over the past three years has averaged more than $1 billion in home loan reservations, helping approximately 4,000 Marylanders gain access to their dream home each year.
New products and enhancements for FY2023 include:
- Basic down payment assistance will increase from $5,000 to $6,000.
- SmartBuy, which provides student debt relief to homebuyers, will offer an option for additional down payment assistance in the form of a 4% loan. SmartBuy borrowers can choose between $6,000 or a 4% loan for down payment and closing costs plus student debt relief of up to $30,000.
- HomeGet started is a new loan product for borrowers with an income below 50% of the MAI to help them with a 6% down payment and a closing cost assistance loan.
- HomeCapacityfor homebuyers with disabilities, to provide increased financing and a flexible loan structure.
- Montgomery VII Home Ownership Program reopens for the 7th consecutive year and will offer up to $25,000 in down payment assistance, in partnership with Montgomery County.
In addition to newly launched loan products, the Maryland Mortgage Program offers a wide variety of mortgage products specifically designed to make homeownership affordable and sustainable, including flexible government and conventional loans with various levels and forms of down payment and closing cost assistance and attractive interest rates for first-time homebuyers and first-time buyers, conventional refinancing and even student debt relief.
It’s no secret that housing and housing affordability have been hot topics lately. The MACo summer conference session, “Let’s talk housing: national problem, local solutions,» a panel of experts will discuss challenges and opportunities related to housing affordability.
The 2022 MACo Summer Conference will take place at the Roland Powell Convention Center in Ocean City, MD from August 17-22. This year’s theme is “Take care of business.”
Learn more about MACo Summer Conference: