$400 Million housing bond issued to support affordable housing for Maryland first-time homebuyers
The Maryland Department of Revenue announced that the Maryland Department of Housing and Community Development issued the most significant mortgage revenue bond in the agency’s history. The $400 million bond from the department’s community development administration through the Residential Revenue Bond program generated tax-exempt and taxable bond proceeds that may be used to finance affordable, sustainable mortgage loans to first-time homebuyers through the Maryland Mortgage Program.
The Maryland Mortgage Program (MMP) helps homebuyers in Maryland achieve their dream of homeownership through a range of programs that make purchasing and owning a home more affordable. MMP has been providing fixed-rate mortgages primarily to first-time homebuyers for decades.
Mortgage Equity Partners is an approved lender for the Maryland Mortgage Program home loan. Our loan team has been trained to help advise and provide borrowers with a customized financing package that includes a home loan with competitive rates, down payment assistance, and other incentives.
Some of the programs available include:
- MMP 1st Time Advantage-Offer eligible first-time homebuyers the lowest 30-year fixed interest rate available from the program for a home loan.
- MMP Flex Loans-30 year, fixed-rate home loan products accompanied by additional funds for down payment and closing costs.
- Partner Match-Avaiable only with 1st time advantage 6000 or Flex 6000 loans. Funds available through the partner match program are provided as a no-interest, deferred loan and may be used for down payment and closing costs.
- Specialty Loans:
- Montgomery County Programs-for eligible borrowers in Montgomery County
- HomeAbility-designed to assist homebuyers with disabilities
- Maryland SmartBuy-designed for homebuyers with student debt
- Greenbelt Home Advantage-for eligible borrowers in the city of Greenbelt
The MMP program allows eligible borrowers to receive additional down payment and closing cost assistance. The MMP program works with local and state organizations to help homebuyers in targeted areas reduce barriers to homeownership. Our loan team is on standby to provide more information and to help you get pre-approved for these products.