Get Assistance: MMP+ 3% Grant
Q: What is the MMP+ 3% Grant ?
A: This program is a premium priced first mortgage program that offers a first mortgage (at a slightly higher interest rate) that provides a 3% closing cost assistance grant to borrowers who are purchasing a home through the Maryland Mortgage Program (MMP). The grant does not have to be repaid.
Q: How many points are charged for this loan?
A: The borrower pays zero points.
Q: How much is the closing cost assistance?
A: The grant is equal to 3% of the first mortgage loan amount.
Q: Can I use the 3% grant for my down payment?
A: Yes, if the insurer/guarantor permits. FHA permits the 3% grant to be used to fund closing costs but not the down payment.
Q: What is the term of the
mortgage associated with the MMP+ 3% Grant?
A: There are two terms offered with this Program. The borrower can choose between the 30-year term or the 40-year term.
Q: Do I need to meet the same eligibility requirements as in the regular MMP program?
A: Yes, the eligibility requirements such as the Income Limits, Maximum Acquisition Costs and first time homebuyer requirements are the same. (Refer to the
FAQ's for the Maryland Mortgage Program)