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
Call Betsy Holcomb for more information @ 301-616-5022 or email her at Betsy@deepcreekvacations.com
