USDA (Rural Development)

• No down payment required
• Seller can pay up to 6% towards closing costs
• Only 620 minimum credit score
• Not just for first time homebuyers
• Can use alternative credit
• Only 30 year fixed rate mortgages
• There are income and location restrictions

Learn more about USDA Loans HERE

 FHA

• 3.5% down
• No location or income restrictions
• Not just for first time homebuyers
• Only 620 minimum credit score

PG County My Home

• Up to 5% towards closing and down payment
• There are income restrictions
• There is a minimum 1.75% contribution from the burrower

 

Maryland CDA Loans

 

One great program for First Time Home Buyers in Maryland is a CDA Loan covered under the Maryland Mortgage Program. A CDA Loanactually refers to several

Maryland CDA loans

down payment assistance and closing cost assistance programs.

DSELP Loan

What most people refer to when the mention a CDA Loan is DSELP or Downpayment and Settlement Expense Loan Program. This is a $5,000 no interest deferred loan that is repayable when you pay off the mortgage, refinance, or sell or transfer the house. It can be used for down payment or closing cost assistance when purchasing through the Maryland Mortgage Program.

To learn more about DSELP check out my article written here that includes the guidelines and qualification information.

House Keys for Employees

House Keys For Employees is another CDA Loan or Maryland Mortgage Program Loan. In this program, participating employers offer to help their employees by contributing towards the purchase of their home. Borrowers who are qualified and receiving a CDA Loan can get the The DHCD or Department of Housing and Community Development to match up to $2,500 of the employers contribution.

As an example, if the

$4,000 employer contribution

+ $2,500 House Keys For Employees match

= total $6,500

BUT WAIT THERE’S MORE!

+ $5,000 the for DSELP

= total comes to $11,500!!!

Smart Keys For Employees

Smart Keys For Employees is an additional $1,000 if your property you are purchasing is within the

• Priority Funding Area
• Is within 10 miles of contributing employers location
• Within the boundaries of the local jurisdiction

An example of how this might work would be

$4,000 employer contribution

+ $2,500 House Keys For Employees match

+ $1,000 Smart Keys For Employees

+ $5,000 the for DSELP

= total comes to $12,500!!!

Maryland Builder / Developer Incentive Program

The Builder / Developer Incentive Program allows participating builders to contribute towards down payment and closing costs. Borrowers who are qualified and receiving a CDA Loan can get the DHCD (CDA Loan) match up to $2,500. As an example

$4,000 Builder / Developer contribution

+ $2,500 DHCD / Department of Housing and Community Development match

+ $5,000 the for DSELP

= total $11,500!!!

Maryland Community Partners Incentive Program (CPIP)

The Maryland Community Partners Incentive Program or CPIP is another way to have a participating Community Partners contribute towards the down payment and closing costs. Borrowers who are qualified and receiving a CDA Loan can get the DHCD (CDA Loan) match up to $2,500. As an example

$2,500 Community Partners Incentive Program contribution

+ $2,500 DHCD / Department of Housing and Community Development match

+ $5,000 the for DSELP

= total $11,500!!!

Maryland BRAC Match Program

The Maryland BRAC Match Program

100% Financing with a USDA Rural Development Loan

A USDA loan is available to first time home buyers and non first time homebuyers alike however is a very popular loan if you are looking in a USDA eligible area.

This website is not owned by or affiliated with Maryland Mortgage Program, CDA or DSELP.  This website is owned by Brian Mayer – Loan officer with Envoy Mortgage NMLS #224624 -  phone 443-624-9398 brian@mymarylandlender.com