• Fixed interest rate (refer to Current Interest Rates on website) for the entire term;
• Interest rates for DHCD-owned Foreclosure Program are lower than the regular program¹

MAXIMUM LOAN AMOUNT:

• For FHA loans, the lesser of $417,000 or the FHA Maximum Mortgage Amount, plus the FHA Up Front Mortgage Insurance Premium (UFMIP)
• For VA and RHS loans, base loan amount plus VA funding fee or RHS guarantee fee may not exceed $417,000

FHA MAXIMUM MORTGAGE AMOUNTS :

• For FHA loans, base loan amount + FHA UFMIP
• For VA loans, base loan amount + VA Funding fee
• For RHS loans, base loan amount + RHS guarantee fee

Manual Underwriting: 43% with exceptions up to a maximum of 45% with strong compensating factors per the applicable FHA, VA or RHS guidelines.

Automated Underwriting: 45%.

In order to be eligible for a Maryland Mortgage Program loan, the representative (middle) credit score must be 620 or above for an FHA, VA or RHS loan.

For manually underwritten FHA-insured loans only: if the borrower does not have a credit score, the loan will be eligible if the borrower has acceptable non-traditional credit as determined by current FHA underwriting guidelines.

• Must be a first-time home buyer unless buying a home in a targeted area ; refer to "Targeted Areas" section on the website that follows (to determine the census tract code of a property, use www.ffiec.gov/geocode/default.aspx)
• Must occupy the property as their principal residence; non-occupant co-borrowers are not permitted
• Total annual household income may not exceed Income Limit
  

• Purchase price (+ capitalized ground rent³, if applicable) may not exceed the Maximum Acquisition Cost
• Existing homes;
• New construction if located in a Priority Funding Area⁴
• A single-family, one-unit residence, including townhouses; detached or semi-detached homes; condominium units; and modular or manufactured homes with the State seal of approval for code compliance (manufactured homes must meet requirements in Lender's Manual for MMP)
• If urban or suburban , the lot size may not exceed the greater of 1 acre or the jurisdictional minimum
• If rural , the lot size may not exceed the greater of 3 acres or the jurisdictional minimum
• Remaining economic life of the property must be equal to or greater than the term of the loan
• Investment property /second home not eligible

• Required (unless home newly constructed or substantially rehabbed)
• Fire, safety and health issues must be addressed

• Mandatory for all borrowers
• If borrower also applying for a Downpayment and Settlement Expense Loan Program (DSELP loan, several jurisdictions have unique requirements that must be met (refer to http://www.mmprogram.org/counseling.aspx on website for the specific requirements at the end of the list of counseling agencies)

• Permitted if it complies with insurer/guarantor requirements;
• No shared lien or tacking/attaching secondary financing liens, conditions or riders to MMP Deed of Trust (must be an entirely separate second lien recorded after the MMP Deed of Trust);
• No deed covenants related to the secondary financing may be in Deed incorporating requirements of the secondary financing;
• Terms of repayment must be incorporated into the underwriting of the MMP loan.