Get Assistance: MMP+ 2%
Q: What is the MMP+ 2% Program?
A: This program is a premium priced first mortgage program that offers a first mortgage (at a slightly higher interest rate) that provides borrowers with a 2% closing cost assistance grant. The grant is repayable in full upon sale, transfer, or refinance within the first four years from date of closing; it is completely forgiven after 4 years.
Q: How many points are charged for this loan?
A: The borrower pays zero points.
Q: How much is the closing cost assistance?
A: The grant is equal to 2% of the first mortgage loan amount.
Q: Can I use the 2% grant for my down payment?
A: Yes, if the insurer/guarantor permits. FHA permits the 2% grant to be used to fund closing costs but not the down payment.
Q: What is the term of the MMP+ 2% mortgage?
A: : There are several terms offered with this Program. The borrower can choose between the 30-year term, the 5/30 Mortgage Program (35-year term that is interest only for the first five years with amortized payments for the remaining 30 years), the 40-year term or the 7/33 Mortgage Program (40-year term that is interest only for the first seven years with amortized payments for the remaining 33 years).
Q: Do I need to meet the same eligibility requirements as in the regular
Maryland Mortgage Program?
A: Yes, the eligibility requirements such as the Income Limits, Maximum Acquisition Costs and first time homebuyer requirements are the same. (Refer to the
FAQ's for the More House 4 Less Program)