Maryland Mortgage Program (MMP)

Buying a home is a big deal.

For Marylanders just like you, it may be the single largest purchase you ever make, and the choices you make can impact your family’s life for years to come. For many people, becoming a homeowner can mean stability, greater control over how you live, and the potential for building wealth and equity for your family’s future.

What is the Maryland Mortgage Program?

The Maryland Mortgage Program (MMP) provides 30-year fixed-rate home loans to eligible homebuyers purchasing in Maryland. Loan terms are competitive with other home loan products on the market, but what makes MMP unique is the range of associated financial incentives and other assistance that, for many homebuyers, means the difference between being able to purchase and continuing to rent. MMP down payment assistance can only be obtained with an MMP first mortgage; it is not a standalone option.

Home Loans

All home loan products available through MMP are 30-year, fixed-interest rate mortgages. There are a few different types of home loan products, and they generally vary by the kinds of downpayment and closing cost assistance that are available with them. The main loan product types available through MMP are 1st Time Advantage, Flex and a variable number of Specialty Products that usually run for a limited time.

Maryland SmartBuy is a program that makes selected state-owned homes available for sale, and allows eligible homebuyers to use special MMP financing to pay off their outstanding student debt as part of the home purchase. Other programs may be available for limited times for targeted locations or eligible groups.

Down Payment and Closing Cost Assistance

Down payment and closing cost assistance is money that you can use to meet the requirements for securing a home loan, and which makes the purchase a of a home more affordable. Funds available for down payment and closing costs may be provided in the form of a grant or as a deferred, no-interest loan.