Most Popular Down Payment Programs
This is just a quick synopsis of the help that is available for buyers, not all of the details are listed here these are just the most popular programs, would you believe there are more!!!
Maryland Mortgage Advantage I - This program does not offer any down payment assistance but it offers discounted interest rates to the buyer. It is great to use for buyers that have their own down payment and want the most competitive rate without having to pay points.
Maryland Mortgage Advantage II - This program is the most popular helping buyers with 3% of the down payment in the form of a loan that has to be repaid back if they ever sell, refinance or default on the loan. The rates are very similar to market rates so the program is attractive for buyers because they can get most, if not all of their down payment covered at market rates.
Maryland Mortgage Grant Assist - This program offers a 4% grant to homebuyers which can be used for their down payment and closing costs. The rates are a little bit higher but the money is fully forgivable and never has to be repaid back.
Chenoa Program - This program is available in MD, DC and VA and helps buyers with down payment monies of 3.50%. The monies can be offered in the form of a loan or if the buyer makes their payments on time for 3 years, the money will be forgiven. FHA product only.
Lakeview - This program helps buyers with 3% for the down payment and 1% for their closing costs. No mortgage insurance required and conventional financing only. It is also available in MD, DC and VA.
DC Open Doors - This program is only offered in DC and it will help cover the down payment in the form of a zero percent loan.
Housing Opportunities Commission - This program is offered only in Montgomery County and will help a buyer with 3% for the down payment. The monies are in the form of a forgivable loan if the buyer occupies the property for 5 years. And if the buyer works in Montgomery County, they are eligible for a closing cost loan up to $10,000.
Pathway to Purchase - Effective October 1st, this program is rolling back out for Prince George's County only. The program offers $10,000 in forgivable monies, forgiven at $1,000 a year over a 10 year time period.
Community Development Block Program - This program offers $5,000 in forgivable monies for a buyer purchasing in Baltimore City.
Live Near Your Work - This program is open to buyers that work for certain employers and the program can help with buyers up to $18,500 for down payment and/or closing costs.
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Keji Ogunleye
Associate Broker
Fairfax Realty Elite, Inc
301-613-2043
Licensed In: MD, DC,VA
License #: 585497
Contact Me
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