Making the choice to apply for a Maryland Mortgage Program loan is a smart decision, but there are a few things you need to keep in mind as you find your next home.
You’ve heard it before – nothing matters in real estate like LOCATION! Where you purchase a home will be critical, and will affect your life, and the lives of your family, for many years to come. Ask yourself how close you need to be to employment, shopping, transportation, how important are local schools and public facilities, how close you want to be to family and friends, etc.
There are a few more things about location that need to be considered when using a Maryland Mortgage Program loan to purchase your home. Certain borrowers may only be able to use a Maryland Mortgage Program loan to purchase or build a property in certain geographic areas, depending on things like:
The location of the property may also make a difference to the maximum price of the house that can be purchased using a Maryland Mortgage Program loan, the maximum amount that can be borrowed, and in some cases, whether your income levels make you eligible to get a Maryland Mortgage Program loan.
Your Maryland Mortgage Program Lender can help you determine how this will impact you.
We’ve put together some helpful information below to help you understand how location matters to you.
Use the Maryland Mortgage Program Mapper, an online tool that helps determine whether a property is located within one of the following geographic zones:
Click the zone names above to learn more about how they affect eligibility for the Maryland Mortgage Program.
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