Financing & Incentives

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: $106,080
    • 3 or more person household: $123,760
  • Income limits for Washington County:
    • 1-2 person household: $87,200
    • 3 or more person household: $100,280
  • 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: $5000
  • Interest Rate: 0%
  • Repayment is deferred and is due upon sale or transfer of the property, or upon pre-payment of the first mortgage
  • DSELP is recorded in second lien position
  • 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 Financial Incentives:

City Of Hagerstown Homeownership Program:

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 2.25 - 4.0% (subject to change)
  • Maximum income $87,200
  • Maximum purchase price of $300,000
  • Term: 30 years
  • 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
  • No down payment as long as the sales price doesn't exceed the appraised value
  • 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: $271,050
    • 2 units: $347,000
    • 3 units: $419,425
    • 4 units: $521,250

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

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



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