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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.
This product is only available for first-time homebuyers, unless: