State & Federal Loan Programs

FHLBanks provide grants in amounts up to $10,000 on a first come, first served basis. Available in all states for first-time homebuyers.

FHA loans offer low down payments, reduced closing costs and easy credit qualifying. FHA loans can assist qualified first-time homebuyers, borrowers looking to rehab a home or improve energy efficiency and more.

USDA/RHS loans, backed by the U.S. Department of Agriculture, partner with local lenders to help them extend 100% financing opportunities to individuals and families.

• Qualified buyers and properties may be eligible for 100% financing
• Low monthly mortgage insurance – you may qualify for a larger loan
• Flexible credit and qualifying guidelines
• No maximum purchase price limit
• Closing costs can come from any source including gifts

Creditworthy, low-to-moderate income borrowers may be eligible for the FNMA HomeReady program. It offers:

• A low down payment (up to 97% financing)
• Flexible down payment and closing cost sources
• No income limits in low-income areas
• Homeownership education
• Conventional home financing

Qualifying Veterans can purchase or refinance a home with no or limited closing costs and flexible credit criteria. Veterans Affairs (VA) loans offer:

• Zero-down payment
• Cash-out refinances up to 100% of the appraised home value
• No PMI requirement

The MMP is available statewide and aims to make homeownership affordable by offering mortgage financing, down payment assistance, and more. MMP programs and initiatives include:

• MMP 1^st Time Advantage
• MMP Flex Loans
• Partner Match
• Montgomery Homeownership Program VI
• HomeAbility (assists homebuyers with disabilities)
• Maryland SmartBuy (for homebuyers with eligible student debt)

The SELP assists first-time homebuyers with low and moderate income. Available in participating counties in Maryland. $10,000+ available on a first come, first served basis. Each county provides specific eligibility requirements.

• Community Development Block Grant (CDBG)
• Buying into Baltimore
• City Living Starts Here
• Trolley Tour
• Vacants to Value
• Live Near Your Work

Pathway to Purchase is available to the entire Prince George’s county in Maryland for first-time homebuyers. It is a deferred loan up to $10,000 on a first come, first served basis.

Employer Match Programs such as Live Near Your Work, House Keys 4 Employees, and Smart-Keys. Participating employers in Maryland offer funds to first-time homebuyers. Employer can establish eligible neighborhoods and amounts. These funds are sometimes matched by local jurisdictions. Check with your employer’s human resources department.