MMP 1st Time Advantage with 3% Assistance
MMP 1st Time Advantage with 3% Assistance offers eligible first-time home buyers a low interest rate on their first mortgage and a deferred, no interest second loan equal to 3% of the first mortgage. This 3% assistance loan can be used for down payment and closing costs and no payments are due until the first mortgage is either paid off, refinanced, or transferred. If 3% assistance loan funds exceed closing costs and down payment costs then the remainder can be applied by the lender to the principal.
First-time Homebuyer Requirement and Standard
MMP eligibility applies.
This product is only available for first-time homebuyers, unless:
- Borrower is purchasing in a targeted area and sold their current home prior to closing on the new property; (for more information on
targeted areas ); or
- It has been more than three years since borrower has owned a principal residence; or
- Borrower is 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 must be completed.