Maryland Down-Payment Programs

FHLB  -$5000 grant funds now available.
- Entire State of MD. First time buyers.
- Teachers, nurses, firefighters, etc. may get $7500       
- Income limits apply. Still using 2015 limits for now       
   $46800 (household= 1), $53440 (household= 2), $60160 (household= 3), $66800 (household=4) 
-Frederick Co, Montgomery Co,  PG Co, limits are 28% higher     
- Min credit score generally 640.

-Maximum likely resulting sale prices **:  
Household size       COUNTIES        CITY
     1                             $190,000       $170,000
     2                             $215,000       $190,000
     3                             $245,000       $220,000
     4                             $265,000      $235,000
(Add 28% for Frederick Co, Montgomery Co, PG Co since income limits are higher)

** Estimates are based on income limits, current rates, qualifying ratios, est property tax, average debts  

-Required credit score was increased to 660 in Dec. 2015
- Balt City Grand Slam $7500         
     Has been available for four months and at least a third of the funds are still available. 

  -Preferred Rate Program
    Much lower interest rate if buyer does not need the $5000 DSELP (See MMP Preferred Rates)

- Income Tax Credit (MCC) Program
   Program will return in mid March AND current buyers closing in late March CAN get the program.      

 -“You've Earned It” program
      Quarter percent rate cut for buyers with at least $25000 in student loans
      Available for homes in certain "sustainable " areas. Below link is to the MAP. Look at orange areas.



Navy Federal Credit Union Mortgage Programs

100% Financing-Buyer’s Choice Program


Must be a Navy Federal Credit Union member.

You’re a first –time homebuyer.

You don’t have a down payment.

Payments stay the same throughout the loan.


Jumbo loans available.


100% Financing-Military Choice


For Veterans.

No money down/No PMI.

Payments stay the same throughout the loan.

FHA loans and ARMs also available.