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
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