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.
State & Federal Loan Programs
Pennsylvania Housing Finance Agency (PHFA)
Pennsylvania offers several mortgage programs assisting the buying and refinancing of a home. The eligibility requirements are different depending on the loan program. PHFA offers programs with expanded underwriting and down payment assistance options for borrowers who qualify.
Keystone Home Loan
Homebuyers can take advantage of below market interest rates who have low to moderate income. Take advantage of this program and put as little as $1,000 into the transaction.
PHFA K-FIT
Paired with the Keystone Home Loan, this is a down payment and closing cost assistance where a homebuyer can receive 5% of the purchase price or appraised value towards the transaction!
- Must meet income and purchase price limits
- Must have a middle credit score of a 660
- Must complete counseling
- Homes located in a targeted area, there are no first time homebuyer requirements
You don’t have to pay back the money monthly but it is only repaid if you sell the home within 10 years, 10% is forgiven each year.
PHFA K-FLEX
Similar to K-FIT, this program allows for a small percentage of the purchase price or appraised value to go towards down payment and closing costs. There is no first time homebuyer requirement.
Philly First Home Grant
Homebuyers can take advantage of this Philadelphia specific down payment assistance program and receive the lesser of 6% of the purchase price up to $10,000! You can take advantage of buying a single-family home or a duplex. The property can’t be a condo.
The money isn’t paid back monthly and is only repaid if you sell the house within 15 years.
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) Smart Start
The Smart Start program is available to participants in the New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) First-Time Homebuyer and Homeward Bound programs. Homebuyers can take advantage of either $10,000 or $15,000 in down payment and closing cost assistance. The amount depends on the county.
DSHA Home Sweet Home
Offered through the Delaware State Housing Authority, homebuyers can take advantage of $12,000 in down payment and closing cost assistance. This program offers below-market interest rates to qualified buyers.
You don’t have to pay back the money monthly but is only repaid if you sell the home within 10 years, 10% is forgiven each year.
DSHA Delaware Diamonds
Homebuyers can receive $15,000 in down payment and closing costs assistance. This program is for essential workers only such as veterans, teachers, first responders etc. and must be employed in the position for at least 6 months. This program is for Delaware residents only.
There is NO first time homebuyer requirement for this program and NO minimal investment in the transaction.
You don’t have to pay back the money monthly but is only repaid if you sell the home within 10 years, 10% is forgiven each year.
DSHA First State Home Loan
This is a down payment assistance program offered through the state of Delaware. Homebuyers can receive 4% of the total loan amount towards down payment and closing costs.
You don’t have to pay back the money monthly but is only repaid if you sell the home within 10 years, 10% is forgiven each year.
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
- HomeAbility (assists homebuyers with disabilities)
- Maryland SmartBuy (for homebuyers with eligible student debt)
- Greenbelt Home Advantage
- HomeSmart DPA Loan
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
- First-Time Homebuyers Incentive Program (FTHIP)
- Buying into Baltimore
- City Living Starts Here
- Trolley Tour
- Vacants to Value
- Live Near Your Work
- Baltimore City Employees Grant
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.
Federal Home Loan Banks (FHLBanks)
FHLBanks provide grants in amounts up to $15,000 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.
USDA / Rural Housing 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 closing cost sources
- No maximum purchase price limit
- Closing costs can come from any source including gifts
Fannie Mae HomeReady® Mortgage (FNMA HomeReady) / FHMLC HomePossible
Creditworthy, low-to-moderate income borrowers may be eligible for the FNMA HomeReady / FHMLA HomePossible 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
- Reduced mortgage insurance costs
VA Loans
Qualifying Veterans can purchase or refinance a home with 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
Subject to availability of program funds. Availability of any program or any amounts stated is not guaranteed. Other terms and conditions apply and borrower loan qualification required. Not all grant/assistance programs can be used together or combined. Lender is not an affiliate with any assistance program. Meridian Bank, NMLS#462854, Maryland State License #23919.
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