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These are just some
of the special loan products available locally. Loan limits, income limits,
terms and interest rates vary and are subject to change at any time.
 MMP - Maryland
Mortgage Program
- Below market interest rate (rate subject to change – call us for an update)
- Term: Options available
- Points: Negotiable between Buyer and seller, collected at settlement
- No down payment
required
- Closing cost
assistance available through State’s
DSELP program
- Gift funds for closing costs acceptable; Grants available
- Must be a first-time
homebuyer or not owned a home in the last 3 years, or purchasing a home in a target area (Example: City of Hagerstown)
- Applicants must file a tax
return
- Homebuyer education required (available free of charge to buyers in Washington County
at the Hagerstown Home
Store)
- Home inspection required
- Income limits for
City of Hagerstown:
- 1-2 person household:
$94,920
- 3 or more person
household: $110,740
- Income limits for Washington County:
- 1-2 person household:
$79,100
- 3 or more person
household: $90,965
- Call 301-797-0900 for more information, including a list of local lenders
DSELP - Downpayment and Settlement Expense Loan Program*
* Subject to availability.
- Available to borrowers
using the Maryland Mortgage Program
- Maximum Loan Amount: $2,500
- Interest Rate: 0%
- Repayment is deferred and
is due upon sale or transfer of the property, or upon pre-payment of
the first mortgage
- Borrowers must contribute
1% of the home's purchase price from their own funds
- DSELP is recorded in second
lien position
- Available only for home purchases up to $200,000
- Additional funds available depending upon purchase price of house and other factors
- Please contact the Hagerstown Home Store to determine the funds available to you for your particular situation
City of
Hagerstown
Downtown Residency Initiative
Incentive for those wishing to purchase in targeted downtown neighborhoods. This program provides $1,500 for downpayment and closing costs. Available to eligible participants regardless of household income.
Eligible Participants:
- Individuals who have within the past year graduated college or been honorably discharged from the military
- Local, County, State or Federal government employees
- Professionals relocating to the area
- Students and employees of the University System of Maryland, Hagerstown Campus
City of Hagerstown
Homeownership Program
- Newly Renovated Homes
available to low and moderate income households
- Good or improving credit,
no outstanding liens or judgements
- Uses Maryland Mortgage
Program financing
- Second Mortgages to cover
down payments and closing costs are available with low interest rates
and flexible terms based on buyer affordability
- Buyer required to
contribute a minimum of 1% of purchase price
- Loan terms determined by
affordability: 0-4% interest with deferred payments up to 30-year
terms
Guidelines for City Homeownership Program
- Homebuyer education
required and provided at no cost through the Hagerstown Home Store
- $500 minimum down payment
- Income Limits
- 1 person: $35,900
- 2 persons: $41,050
- 3 persons: $46,150
- 4 persons: $51,300
- 5 persons: $55,400
- 6 persons: $59,500
- 7 persons: $63,600
- 8 persons: $67,700
Maryland Home Financing Program -
Homeownership for Individuals with Disabilities
- Eligible Borrower(s): At
least one borrower must be disabled (A disabled borrower will be
required to provide a "Certificate of Disability")
- Homebuyer education
required and provided at no cost through the Hagerstown Home Store
- Interest rate 3% fixed rate
- Maximum income $41,387
- Maximum purchase price of
$155,000
- Maximum First Mortgage
Amount: $100,000 (based on lesser of purchase price or appraised
value, including eligible closing costs)
- Term: 30 years (up to 40
years determined by affordability)
- Minimum cash contribution
of $500 (entire amount can be gifted)
- Mortgage
Insurance/Guarantee not required
VA - Guarantee
- Fixed rate, fixed rate
buydown, or adjustable rates
- No income limit
- Small down payment
- Liberal qualifying ratios
- Loan limits up to $417,000
depending on veteran's eligibility
FHA - Insured
- Fixed rate, fixed rate
buydown, or adjustable rates
- No income limits
- Small down payment
- Loan limits in Washington County
- 1 unit: $275,500
- 2 units: $310,300
- 3 units: $377,000
- 4 units: $435,000
USDA Rural Housing Direct Loans
- Loans are for up to 33 years (or 38 years, in special circumstances)
- Applicants can obtain 100% financing
- Directly funded by the Federal Government.
- Loans may include closing
and settlement costs
- Eligible homes: Must be
located in rural areas, as defined by USDA
- Annual household income
cannot exceed moderate income level established for the area
- Mortgage payments based on the household's adjusted income
Other Financing and Housing Programs
- Habitat for Humanity
- Interfaith Housing of Western Maryland
- Washington County Community Action Council
This list includes only
a few of the many mortgage programs that are available. Other programs that
meet your needs may be available through local mortgage lenders. Programs
listed are subject to change without notice and may not include all
borrower requirements.
Hagerstown Home Store
21 East Franklin Street
Hagerstown, MD
21740
PHONE: (301) 797-0900
homestore@hagerstownmd.org
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