Financing Options and Homebuyer Programs

Financing Options

Conventional- minimum down payment for 1st time homebuyers 3%, repeat buyers 5%

  • Up to 97% Loan to Value
  • $636,150 Conforming Loan Amount*
  • High Balance/Super Conforming up to $5,000,000
  • PMI (Private Mortgage Insurance) required for loans with less than 20% down payment
  • Fixed Rate and ARM options available
  • Interest rate, loan program and down payment options are driven by credit scores and other compensating factors

FHA- minimum down payment 3.5% of sales price

  • 620 Minimum credit score
  • $636,150 max loan amount
  • Fixed rate and ARM options available
  • Mortgage insurance premium 1.75% upfront *can be financed

FHA/203K- minimum down payment 3.5% of sales price + repair cost

  • 640 Minimum credit score
  • $636,150 max loan amount
  • Fixed rate and ARM options available
  • Mortgage insurance premium 1.75% upfront *can be financed

USDA- 100% financing for sales price for properties located in eligible areas

  • 640 Minimum credit score
  • Guarantee fee 1.0% upfront *can be financed

Homebuyer Programs

Federal Home Loan Bank of Atlanta Grant

  • Maximum subsidy is $5,000 -$7,500 for Community Partners (i.e. law enforcement officers, educators, health care workers, and firefighters)
  • Funding is provided as a 4 to 1 match
  • Homebuyer must contribute at least $1,000
  • Income requirements based on area
  • Purchase must be primary residence
  • First- time homebuyers and non-first-time homebuyers are eligible

Maryland Mortgage Program/CDA

  • 640 Minimum credit score
  • FHA and Conventional Programs
  • Down Payment Assistance and Partner Match Programs
  • Income and Sales price restrictions, visit mmp.maryland.gov