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MMP - Wicomico/ Worcester/Washington (Non-Targeted)
MD Dept. of Housing & Community Development (DHCD)
http://www.dhcd.state.md.us/Website/programs/cdammp/lp.html

Program Overview

MMP - Wicomico/ Worcester/Washington (Non-Targeted) is a low-interest, fixed-rate mortgage financing program available though certified lenders with 30-year term for first-time homebuyers or buyers who have not owned a principal residence for 3 years. Closing cost and downpayment assistance is available with all state single-family mortgage products. All of Maryland - different limits for incomes and maximum loans are applicable in different locations.

Who is eligible for this program?

You must be a first-time homebuyer in most parts of Wicomico, Worcester and Washington counties. Must meet income qualifications and purchase price limits. In non-targeted areas, incomes can be as high as $85,500 for 1-2 persons and $98,235 for households of 3 or more persons. Up to 100% of the sales price may be financed depending upon mortgage insurance selected. Maximum % of Sales Price: 100% HUD Median Income Limits: 100 Household Income Limit: $ 98235 Is this program for first time buyers only? Yes

Property Eligibility Requirements

You MUST be a first-time homebuyer UNLESS the property is located in: Washington County (ONLY Census Tracts 0003.02, 0004.00, 0007.00 and 0009.00); Wicomico County (ONLY Census Tracts 0001.00, 0003.00, 0005.00, 0102.00); and Worcester County (ONLY Census Tract 9903.00). Borrower MUST be a first-time homebuyer in all other areas. The sales price cannot exceed $ 403,155 in Washington County, $351,092 in Wicomico County and $467,232 in Worcester County.. Allowable property types: Existing single family, new construction (MUST be in a designated Priority Funding Area), townhouses, detached or semi-detached homes; condominium units, modular or manufactured homes (with state-approved code compliance)

Benefit Details

The Maryland Mortgage Program, also called More House 4 Less, allows financing for up to 100% of the sales price at below-market, fixed interest rates. Only 30 -year fixed rate mortgage is currently available. Borrower may be eligible for $3500 downpayment assistance. The homebuyer may select EITHER a Downpayment and Settlement Expense Loan (DSELP) up to $3,500 OR a 2% or 3% MMP PLUS Closing Cost Grant. (The DSELP loan is a 0% deferred loan, repayable upon sale of the home or refinancing of the state’s loan.) Benefit: Interest rates vary from 5.375% up to 6.5% depending upon the loan term and the points that the buyer is willing to pay at closing. Loan Term: 30 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Mortgage insurance is required. Borrowers must apply through participating lenders. The lenders work with Maryland?s housing finance agency, the Community Development Administration (CDA), within the Department of Housing and Community Development (DHCD).

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.