First Time Homebuyer Programs in Maryland
Maryland provides several programs through the Maryland Department of Housing and Community Development (DHCD) to assist first-time homebuyers. These initiatives offer financial support and competitive mortgage options to make homeownership more achievable.
Maryland Mortgage Program (MMP)
The Maryland Mortgage Program offers 30-year fixed-rate loans with favorable terms for eligible buyers.
- Provides below-market interest rates and reduced mortgage insurance costs.
- Available for FHA, VA, USDA, and conventional loans.
- Income and purchase price limits apply based on location and household size.
Down Payment Assistance (DPA) Program
The DPA Program helps buyers with upfront costs such as down payments and closing costs.
- Offers up to $5,000 in financial assistance.
- Structured as a deferred loan, repayable upon sale or refinance.
- Must be used with a Maryland Mortgage Program loan.
SmartBuy Program
The SmartBuy Program is designed to assist buyers with student loan debt.
- Provides up to 15% of the home’s purchase price to pay off student loans.
- Includes a 30-year fixed-rate mortgage with competitive rates.
- Student loan debt must be paid in full at the time of home purchase.
Maryland’s first-time homebuyer programs offer the financial tools and resources you need to achieve your dream of homeownership. Explore these options and take the first step toward owning your home in the Old Line State.