Buying a home in the state of Maryland? Planning to purchase in Capitol Heights, Brentwood, Cole Manor, Fairmont Heights, Mt. Rainier, or Seat Pleasant, Landover, Palmer Park, Glenarden, or Langley Park? You could receive closing and down payment assistance whether you are a first time homebuyer or not. The Community Development Administration (CDA) of the State of Maryland provides the MMP to offer a loan programs with low interest rates and down payment and closing assistance. Today (April 19, 2013) the APR for a FHA loan is 4.082% and 4.229% for a conventional. The Downpayment and Settlement Expense Loan Program offers consumers a deferred loan of $5,000 at no interest. Deferrable, in this case, means the loan is repaid when the property is resold. This assistance could help you purchase a home with very little of your own money upfront. Be aware, income and purchase price limits do apply.
Even more assistance can be obtained through the CDA’s Partners Match Programs, House Keys 4 Employees, Builder/Developer Incentive Program, and the Community Partners Incentive Program.
There are many approved lenders that offer the Maryland Mortgage Program. Click here for a list.