Understanding the Maryland Mortgage Program (MMP) and its offerings is essential for first-time homebuyers. One key question many potential homebuyers have is, “What Is The Time Now In Maryland?” While we can’t provide the exact current time, we can offer valuable information about the MMP’s 1st Time Advantage loans, designed to provide eligible individuals with the lowest 30-year fixed interest rates available. Note that the Maryland HomeCredit Program (mortgage credit certificates) cannot be combined with these loan products.
The 1st Time Advantage line offers several options tailored to different needs:
- 1st Time Advantage Direct: This option doesn’t include down payment assistance (DPA), but it typically features the most competitive interest rates. External sources of DPA may be utilized with this option.
- 1st Time Advantage 6000: This comes with a $6,000 loan to help with down payment and closing costs. This second lien carries a zero percent interest rate, and no payments are required for the life of the first mortgage. Upon conclusion of the first mortgage (repayment, refinance, transfer, sale, etc.), the second lien becomes due and payable. The 6000 line may be eligible for Partner Match funds, if applicable.
- 1st Time Advantage 3% Loan: This option includes a DPA loan equivalent to 3% of the first mortgage, structured as a zero percent deferred second lien.
- 1st Time Advantage 4% Loan: Similar to the 3% option, this provides a DPA loan equal to 4% of the first mortgage in a zero percent deferred second lien.
- 1st Time Advantage 5% Loan: This option provides a DPA loan equal to 5% of the first mortgage in a zero percent deferred second lien.
- HomeStart: Designed for borrowers with income at or below 50% of the Area Median Income (AMI). It includes a 0% interest, 30-year deferred DPA loan equivalent to 6% of the MMP total loan amount (first lien). More information is available in the HomeStart Factsheet.
To find the best loan option for you, speak with an approved MMP lender. They can provide current details and guide you through the options based on your individual financial situation.
Eligibility Requirements
Beyond considering “what is the time now in Maryland,” potential homebuyers must also meet specific eligibility requirements. The first-time homebuyer requirement and standard MMP eligibility criteria both apply.
Typically, this product is exclusive to first-time homebuyers, with some exceptions:
- Purchasing in a Targeted Area: If the borrower is purchasing a home in a targeted area and sold their previous home before closing on the new property, they may still be eligible. More details are available on targeted areas.
- Previous Homeownership: If it has been over three years since the borrower owned a primary residence, they may qualify.
- Honorably Discharged Veterans: Honorably discharged veterans who have not previously utilized the first-time homebuyer exemption are eligible. This is in accordance with the Heroes Earnings Assistance and Relief Tax Act of 2008, as amended. A DD-214 form must be submitted to document veteran status, and a Veteran First Time Homebuyer Exemption form must be completed.
Understanding these loan options and eligibility criteria is the first step towards achieving your dream of homeownership in Maryland. Contact a lender to learn more and determine which program best suits your needs.
