2020 1st Time Buyer Programs and More
1st Advantage with 3% assistance: Funds still available. 1st time buyers can get 3% of the base loan to go toward down payment or closing costs. We can structure this with a FHA, Conventional, VA or Rural Housing 1st mortgage. Use additional seller help and the buyer can get in with close to zero out of pocket. Remember for high score borrowers going with the 3% down conventional option, mortgage insurance is reduced.
Grant Assist: $1500- $2500 grant that can go toward closing or down payment. You don't pay back at all.
House Keys For Employees: Many local employers participate in giving a grant to employees and MMP will match up to a total of $2,500. This goes on top of other incentives that are available. i.e. State of Maryland employees can take advantage of this program and can get up to $2500 toward closing and down payment.
Low Rate Option: No assistance but rates as low as 3%..buyer has funds available but could use a really low payment, this is the way to go.
Montgomery County: Receive 3% of loan balance toward down payment and it is forgiven. Don't need funds?, there is the no assistance option with a rate of 2.875%! If you work in the county also, you have access to another $10,000.
Smartbuy 2.0: Up to $40,000 in student loans paid off and forgiven. Nice way to get started... buy a home and get rid of student debt.
Pathway to Purchase: Funds still available: PG county has up to $10,000 to assist with closing and down payment and it is forgivable.
4% Grant: For a higher rate, your buyer can get 4% of the base loan as a grant to go toward down payment and or closing. Does not have to be paid back.
Rural Housing: 100% financing with 6% seller help allowed. Yes you can combine with 1st advantage program above to get additional assistance. Don't forget about this option in areas that are just outside of city limits. Call me and we can check the address.
FHA 203K: Rehabbing good bones can make that house a home. We are the best in walking your client thru the process of turning a distressed property that was not able to get financing into their new chapter.
Grant Assist: $1500- $2500 grant that can go toward closing or down payment. You don't pay back at all.
House Keys For Employees: Many local employers participate in giving a grant to employees and MMP will match up to a total of $2,500. This goes on top of other incentives that are available. i.e. State of Maryland employees can take advantage of this program and can get up to $2500 toward closing and down payment.
Low Rate Option: No assistance but rates as low as 3%..buyer has funds available but could use a really low payment, this is the way to go.
Montgomery County: Receive 3% of loan balance toward down payment and it is forgiven. Don't need funds?, there is the no assistance option with a rate of 2.875%! If you work in the county also, you have access to another $10,000.
Smartbuy 2.0: Up to $40,000 in student loans paid off and forgiven. Nice way to get started... buy a home and get rid of student debt.
Pathway to Purchase: Funds still available: PG county has up to $10,000 to assist with closing and down payment and it is forgivable.
4% Grant: For a higher rate, your buyer can get 4% of the base loan as a grant to go toward down payment and or closing. Does not have to be paid back.
Rural Housing: 100% financing with 6% seller help allowed. Yes you can combine with 1st advantage program above to get additional assistance. Don't forget about this option in areas that are just outside of city limits. Call me and we can check the address.
FHA 203K: Rehabbing good bones can make that house a home. We are the best in walking your client thru the process of turning a distressed property that was not able to get financing into their new chapter.
So many options available - Find out which one you can qualify Click here
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