Get Assistance: MMP+ 2%
Q: What is the MMP+ 2% Program?
A: This program is a premium priced first mortgage program that offers a first mortgage (at a slightly higher interest rate) that provides borrowers with a 2% closing cost assistance grant. 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 2% of the first mortgage loan amount.
Q: Can I use the 2% grant for my down payment?
A: Yes, if the insurer/guarantor permits. FHA permits the 2% grant to be used to fund closing costs but not the borrower’s 3.5% minimum cash requirement.
Q: What is the term of the MMP+ 2% mortgage?
A: The term is 30 years.
Q: Do I need to meet the same eligibility requirements as in the regular
Maryland Mortgage 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)