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1st Time Advantage loans are designed to offer eligible first-time homebuyers the lowest 30-year fixed interest rate available for Maryland Mortgage Program loans. The Maryland HomeCredit Program (mortgage credit certificates) may not be layered with this line of products.​

Who can apply

This product is available for first-time homebuyers. You may also qualify if one of the following exceptions applies:

• It has been more than three years since you owned a principal residence.
• You are buying a home in a targeted area and will sell your current home before closing on the new property. Check Eligibility for more information on targeted areas.
• You are an honorably discharged veteran who has not previously used the first-time homebuyer exemption. This is in accordance with the Heroes Earnings Assistance and Relief Tax Act of 2008, as amended. A DD-214 form must be submitted to document veteran status, and a Veteran First Time Homebuyer Exemption form (Attachment V) must be completed.

Benefits

• Our most competitive interest rates.
• Most products come with a zero percent, deferred loan for down payment assistance (DPA).

Products

The 1st Time Advantage line includes:

• 1st Time Advantage Direct
  No down payment assistance (DPA) available, but usually offers our most competitive interest rates. External sources of DPA may be used.
• 1st Time Advantage 6000
  Comes with a $6,000 loan for down payment and closing costs. This second lien has a zero percent interest rate, and no payments are due for the life of the first mortgage. As soon as the first mortgage ends (repayment, refinance, transfer, sale, etc.), the second lien is due and payable. The 6000 line is eligible for additional down payment assistance through the Partner Match Program, if applicable.
• 1st Time Advantage 3% Loan
  Comes with a DPA loan equal to 3% of the first mortgage in a zero percent deferred second lien.
• 1st Time Advantage 4% Loan
  Comes with a DPA loan equal to 4% of the first mortgage in a zero percent deferred second lien.
• 1st Time Advantage 5% Loan
  Comes with a DPA loan equal to 5% of the first mortgage in a zero percent deferred second lien.
• ​ HomeStart
  For borrowers with income at or below 50% AMI. Comes with a 0% interest, 30 year deferred DPA loan equal to 6% of the MMP total loan amount (first lien). See HomeStart Factsheet​.
  

Eligibility requirements

To qualify you must:

• Be a first-time homebuyer or meet one of the exceptions (listed under "Who can apply").
• Complete an approved Homebuyer Education class.
  
• Meet standard MMP eligibility requirements, including income limits, credit score and purchase price limits (Check Eligibility​).
• For the HomeStart, your household income must be at or below 50% Area Median Income (AMI).

Ready to get started?

To learn more, talk to one of our state-approved mortgage lenders​ who can help you get pre-qualified for an MMP loan.