Maryland Mortgage Program- Closing Cost Assistance
-
Effective 1/20/17, the Maryland Mortgage Program is offering the Maryland Mortgage Grant Assist Program.
-
Grant Assist offers homebuyers closing cost assistance in the form of a 4% grant of the first loan amount.
-
Grant funds must be used exclusively for closing costs of the mortgage loan/home purchase.
-
Grant funds may not be used for down payment or combined with any down payment assistance products offered by CDA.
-
The grant must always equal 4%; no higher or lower percentages are allowed.
-
If the grant exceeds closing costs the excess will be applied as a principal curtailment.
-
Employers, builders, developers, non-profits or other contributors may offer additional assistance; however, the Partner Match Program is not available and the assistance will not be matched by the Department.
-
The Fact Sheet with all details will be available on the MMP website Fact Sheet Page at: http://mmp.maryland.gov/Lenders/Pages/Fact-Sheets.aspx