State & Federal Loan Programs

When buying a home, it’s important for you to investigate all of your financing options.

Meridian offers a wide variety of loan options, including special government and state programs, that can make homeownership more affordable.

Federal Home Loan Banks (FHLBanks)

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

Federal Housing Administration (FHA) Loans

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.

Rural Resident USDA / RHS Loans

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

Fannie Mae HomeReady® Mortgage (FNMA HomeReady)

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

VA Loans

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

Delaware State Housing Authority (DSHA)

The DSHA offers first mortgage financing at below-market interest rates to qualified Delaware homebuyers. Welcome Home loans provide financing to first-time homebuyers while the Home Again program is available for repeat homebuyers. Borrowers may be eligible for up to $8,000 in down payment and closing cost assistance.

Maryland Mortgage Program (MMP)

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

Settlement Expense Loan Program (SELP)

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.

Baltimore City Grants

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

Pathway to Purchase

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

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.

The New Jersey Housing and Mortgage Finance Agency (NJHMFA)

The NJHMFA provides a variety of programs to assist eligible homebuyers purchasing a home in New Jersey. Second sentence stays. For people purchasing homes in Smart Growth Areas, the program helps families by offering a second mortgage for down payment and/or closing costs up to 4% of the first mortgage.

Pennsylvania Housing Finance Agency (PHFA)

The PHFA offers several mortgage programs assisting the buying and refinancing of a home. The eligibility requirements are different, but programs are available to those with low-income, buying for the first-time or needing down payment or closing cost assistance. Borrowers may be eligible for up to $6,000 in down payment assistance and no closing costs.

Ready to get started or have questions?