Maryland residents can take advantage of the Homebuyer Program that is being implemented by their local government. It prioritizes first-time buyers of new housing properties. The creators of this program hope that most people can get their own home in the end.
The Homebuyer Program For First-Time Home Buyers
Many people dream of owning their own home. And citizens of Maryland are no exemption to this. They know first-hand that owning a home in that location doesn't come cheap. According to US News, the average price of owning a home in Maryland will cost around $305,500. This is notably expensive than the national consensus of the regular housing price of $204,900. That price issue greatly discourages the citizens in that state to avoid buying their own homes.
This is where the said program comes in, as the purpose of the program is to encourage them to purchase with some help from the program. The people interested in this program can be qualified for this by having a good credit score and credit history. There are several programs that the local Maryland government have introduced, which are listed below:
- Various federal mortgage programs.
- 1st Time Advantage.
- Flex Loans.
- Partner Match.
- Special Assistant Grant.
- Maryland HomeCredit.
- Maryland SmartBuy.
- Various city and county loan programs & downpayment assistances.
- First-time homebuyer classes.
The Maryland Mortgage Program
This particular program is being run by the Department of Housing and Community Development (DHCD), according to The Washington Post. This particular housing purchase assistance program is geared towards actual first-time buyers in the state.
The program offers a 30-year fixed-rate loan for those deemed qualified for it, with a low-interest rate. For one to be qualified, their income limits would be check as part of the qualification requirement. Additionally, their purchase limit will be checked as well.
Other Details and Requirements of DHCD's Maryland Mortgage Program
If you live in Maryland and haven't heard of this program yet, listed below are the other details for the said program. According to NerdWallet, listed below are the things you need to know to be qualified for the said program:
Other known program highlights:
- Assistance for downpayment and closing costs; non-repayable grants are included.
- Borrowers can avail of rate discounts and tax credits.
- Borrowers can combine some programs to have more savings.
Eligibility requirements:
- Only applicable for first-time home buyers, unless the property in question is in a targeted area.
- They must strictly meet income guidelines. This will vary depending on the location and the size of the household.
- All liquid assets of the borrower mustn't exceed the 20% purchase price. This includes various gifts.
- The property must be the primary residence of the borrower.
- Other programs can have their requirements, and the borrower must meet them.
Once you have confirmed that you are qualified for the said program, approach the people behind this program. Contact them through the official ways they have provided. Doing so will help you transact with them legally and officially.
