Grant Options for Every Buyer

Looking to purchase a home but need a little help with your down payment or closing costs? Depending on your income, location, occupation or ownership status, you could qualify for grant money.

Maryland Mortgage Program (MMP)

The MMP makes homeownership more attainable for first-time buyers looking to purchase in the state of Maryland.

• 1^st Time Advantage: Eligible first-time buyers can receive up to 3%, 4% and 5% of the loan amount to be used towards closing costs and/or down payment assistance.
• 1^st Time Advantage 6000: Eligible first-time buyers can receive up to $6,000 in closing costs and/or down payment assistance.
• HomeStart 6% Down Payment Assistance Loan: Eligible first-time buyers can receive up to 6% of the loan amount to be used towards closing costs and/or down payment assistance.
• SmartBuy 3.0: Eligible first-time buyers with a minimum of $1,000 in student loan debt and up to 15% of the home purchase price (not higher than $50,000) will have their student loan debts paid off at closing. Requires 3% down from the borrower. Borrower can also apply for a CDA $6,000 loan, or down payment assistance equal to 4% of the first mortgage, up to 6% if income is under 50% area-median-income (AMI).

Actual loan verification is subject to verification and approval of income, credit, property, appraisal and other factors. Additional requirements apply. Visit www.mmp.maryland.gov for more information.

DC Housing Finance Agency (DCHFA)

The DCHFA’s mission is to expand and retain homeownership opportunities in the District of Columbia.

• DC Open Doors: Eligible first-time and repeat purchasers in D.C. can receive affordable deferred repayable home purchase loans, as well as down payment and closing cost assistance.
• Home Purchase Assistance Program (HPAP): Eligible first-time buyers with very low and moderate incomes can receive up to $202,000 in gap financing and $4,000 in closing cost assistance in the form of a deferred interest-free loan. 

Actual loan verification is subject to verification and approval of income, credit, property, appraisal and other factors. Additional requirements apply. Visit www.dchfa.org for more information.

Virginia Housing (VHDA)

Virginia Housing offers grants, as well as down payment assistance to help first-time buyers in the state of Virginia achieve homeownership.

• Down Payment Assistance Grant: Eligible first-time buyers can receive 2-2.5% of the purchase price to help with the down payment. No repayment of grant funds required.
• Closing Costs Assistance Grant: Eligible first-time buyers applying for either a Rural Housing Service (RHS) or Veterans Affairs (VA) loan can receive up to 2% of the purchase price to help with out-of-pocket expenses. No repayment of grant funds required.
• Virginia Housing Conventional: Provides affordable financing for eligible first-time and repeat buyers starting at 3% down (or as little as 1% down when combined with Down Payment Assistance Grant, or 0% down with Plus Second Mortgage).
• Virginia Housing Conventional No MI: Provides eligible buyers with affordable monthly payments and no mortgage insurance starting at 3% down (or as little as 1% down when combined with Down Payment Assistance Grant, or 0% down with Plus Second Mortgage). No first-time buyer requirement.
• VH Plus Second Mortgage: Eliminates the down payment requirement for eligible first-time buyers by combining an eligible VH first mortgage with a VH second mortgage to cover down payment. Maximum second mortgage is 3-5% of the purchase price.
• Mortgage Credit Certificate: Reduces the amount of federal income tax owed each year for eligible first-time buyers.

Actual loan verification is subject to verification and approval of income, credit, property, appraisal and other factors. Additional requirements apply. Visit www.virginiahousing.com for more information