Loan Assistance Programs and Down Payment Grants for First-Time Homebuyers

This special program is a great fit for individuals who are first-time homebuyers.

Some benefits include:

• Fixed and adjustable rate options available.
• Up to 97% loan-to-value.
• No private mortgage insurance.

Borrower is eligible to receive 3% in closing costs or down payment assistance provided they meet at least one of two criteria:
•    Borrower(s) of any income purchasing a property in a low or moderate census tract.
•    Borrower(s) who earn less than 80% of Area Median Income (AMI).

The state of Maryland and the city of Greenbelt offers current renters $15,000 in grants for down payment and closing cost assistance with a Maryland Mortgage Program home loan.

Provides assistance to District of Columbia government employees who are first-time homebuyers in the District. Eligible employees can receive matching down payment funds up to $5,000 and a deferred loan of up to $20,000. EAHP provides first-responders and educators up to $10,000 in down payment assistance in the form of a recoverable grant, and a matching funds recoverable grant up to $15,000. 

A true grant in that grantees do not have to repay the awarded benefit. This can be paired with other non-Virginia Housing assistance programs. 

Provides up to $25,000 in down payment and closing cost assistance to be used in the purchase of eligible Prince George's County properties.

Offers a variety of cost assistance programs to residents. Please ask your mortgage banker for more information regarding first-time homebuyers.

The Home Purchase Assistance Program (HPAP)  provides interest-free loans and closing cost assistance to qualified applicants to purchase single family houses, condominiums, or cooperative units in the District. Eligible applicants can receive a maximum of $202,000 in gap financing assistance. Closing cost assistance is provided separately and is calculated at 4% of the home purchase price or $4,000, whichever is less. Great for first-time homebuyers.

Provides assistance to low and moderate income, first-time homebuyers in Baltimore County. The County can lend up to $10,000 to income-eligible purchasers to help pay closing costs required in the purchase of an existing home within the designated Community Conservation Areas of Baltimore County.

The Maryland Mortgage Program offers a range of programs that make purchasing and owning a home more affordable. Ask your mortgage banker for more information.

Community Partners program provides up to $15,000 in home purchase assistance to current or retired law enforcement officers, educators, health care workers, firefighters, and other first responders; veterans and active-duty members of the military or their surviving spouse; and essential workers.

First-time Homebuyer Product provides up to $12,500 to assist with the down payment and closing costs incurred when purchasing a home. Homebuyers must meet product eligibility requirements.  Please contact your mortgage banker for more information.