Products and Interest Rates

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Date

Rates can change on weekdays and occasionally more often to reflect the market. The rate is locked when the funds are reserved with the Maryland Mortgage Program. Rates in the chart below are current as of 10/22/2019.​​

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MMP 1st Time Advantage

Must be FIRST-TIME homebuyers​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

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​​1st Time Advantage Direct

No MMP DPA​​​

  
  
Government3.125%
FNMA Conv4.125%
FHLMC Conv4.125%
FHA Credit 6403.250%


1st Time Advantage 5000

Comes with a $5,000 DPA loan
May utilize Partner Match if applicable

  
  
Government3.625%
FNMA Conv4.250%
FHLMC Conv4.250%
FHA Credit 6403.750%


1st Time Advantage 3% Loan​

Comes with a DPA loan equal to 3% of the first mortgage

  
  
Government3.625%
FNMA Conv4.250%
FHLMC Conv4.250%
FHA Credit 6403.750%
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MMP Flex

Can be REPEAT or FIRST-TIME homebuyers​​​

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Flex Direct

N​o​ MMP DPA​​

  
  
Government3.375%
FNMA Conv4.375%
FHLMC Conv4.375%
FHA Credit 6403.500%


Flex 5000

Comes with a $5,000 DPA loan
May utilize Partner Match if applicable
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Government4.000%
FNMA Conv4.625%
FHLMC Conv4.625%
FHA Credit 6404.125%
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Flex 3% Loan

Comes with a DPA loan equal to 3% of the first mortgage.​​​

  
  
Government4.000%
FNMA Conv4.625%
FHLMC Conv4.625%
FHA Credit 6404.125%
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 Flex 3% Grant

Comes with a DPA grant equal to 3% of the first mortgage

  
  
Government4.625%
FNMA Conv5.250%
FHLMC Conv5.250%
FHA Credit 6404.875%
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 Flex 4% Grant

Comes with a DPA grant equal to 4% of the first mortgage.

  
  
Government5.000%
FNMA Conv5.625%
FHLMC Conv5.625%
FHA Credit 6405.125%
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​​ Specialty Products

First mortgage products with additional benefits for homebuyers who meet certain criteria

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Maryland SmartBuy​

For first-time homebuyers with student debt. Conventional only; manual underwriting.

  
  
Maryland SmartBuy Program (Conventional)4.625%

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Maryland SmartBuy 2.0 - Conventional4.625%
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Maryland HomeAbility​

  
  
FNMA Conv4.625%
FHLMC Conv4.625%
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Conventional Refinance Pr​o​gram​

97% LTV​​​​​​​​​​​

  
  
Conventional Refinance Program (97% LTV)4.625%
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​​First Mortgage Enhancements

Additional incentives that can be layered on top of certain programs to increase homeownership affordability

Mortgage Credit Certificates
Not available with 1st Time Advantage line. Mortgage Credit Certificates can be layered with Flex products, but then borrower must meet 1st Time Advantage requirements including being a first-time homebuyer.​

Special Assistance Grants​
Additional DPA grants of $1,500 or $2,500 with Freddie Mac conventional loans only; special income limits apply.

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Disclaimer: The terms and conditions are subject to change until the lender locks the loan in Lender Online. A potential borrower should contact an approved lender for further loan information (see mmp.maryland.gov​ for a list of approved lenders). In connection with the Maryland Mortgage Program, the Maryland Department of Housing & Community Development makes no promises, representations or warranties to any party, including any borrower, about the actual benefit a Maryland Mortgage loan might provide in specific situations. Each borrower’s situation is different, and potential borrowers should seek the advice of a financial advisor, attorney or housing counselor before entering into any loan transaction.

The Annual Percentage Rates (APR)
The above rates are subject to change, daily or more frequently. Please contact a participating lender for further details on the APR. Conventional rates cover conventional insured and uninsured loans;

The Annual Percentage Rates​ (APRs) quoted on the linked page represent a typical 30-year fixed rate conventional insured loan on a $200,000 home with the required 3% minimum down payment. The APRs are based on the total amount of interest calculated at the interest rate over the life of the loan, plus Prepaid Finance Charges and the total amount of any required mortgage insurance charges over the life of the loan. Mortgage insurance charges are based on an annualized rate for mortgage insurance of .85% which is consistent with an HFA preferred rate for a loan at a 97% LTV. Prepaid Finance Charges include items paid at or before settlement, as permitted by regulation and law, such as loan origination fees, commitment or discount fees (points), and adjusted interest. This is only an example and the APR may vary from lender to lender depending on the particular circumstances including loan amount, down payment and final transaction costs. The APR for a conventional uninsured loan (less than or equal to 80% LTV) will be different than the APR for a conventional insured loan. VA APR quoted represent a typical 30-year fixed rate VA-guaranteed loan on a $200,000 home with no down payment plus a financed 2.15% VA funding fee. FHA APR calculation includes 3.5% down payment on a $200,000 sales price. UFMIP remains at 1.75% and Annual Renewal premiums are .85%. Annual renewals remain in place for the full term of the loan.​​​​​​​

Lenders and other mortgage professionals can subscribe to receive the Maryland Mortgage Program Interest Rate Sheet using the signup button below. You may unsubscribe at any time using the "Safe Unsubscribe" link in any received email.

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