Maryland Mortgage Program Through CDA
If you are looking for a mortgage in Maryland, then this MD mortgage program may be right for you. When purchasing a home, the required expenses of down payment and funds needed, can surprise a first time homebuyer. Some buyers find the expense a huge obstacle to home ownership. With the help of the Community Development Administration for the State of Maryland, a division of the Department of Housing and Community Development Division of Development, homeownership maybe attainable with their specialized programs. This Maryland mortgage program is also referred to as CDA and is one of the many mortgages MD lenders can offer.
This Maryland mortgage program is geared towards low-to-moderate income eligible homebuyers who are also first-time homebuyers. (A first time homebuyer: A buyer who has not owned a principal residence in the last three years.) The program also allows for other eligible buyers to purchase a home in Targeted Areas that are not considered to be a first time homebuyer. The CDA program is one of the many mortgages MD buyers find appealing.
Key Highlights of this MD Mortgage Program
- Property is for residential owner occupied properties in the State of Maryland. This is a statewide program.
- Property must be used as your primary residence.
- Program is targeted for First Time Homeowners, but also will allow for Non First Time Homeowners to purchase owner occupied property in target areas.
- Program must be obtained with approved participating mortgage lenders. Corridor Mortgage Group is proud to be one of those approved Maryland mortgage lenders.
- Rates and points are set by the State of Maryland with competitive and often offer below market rates.
- Options are available for closing cost and down payment assistance.
- Homebuyer education is required for all borrowers who wish to apply for a mortgage in Maryland utilizing this program.
- This program is subject to the federal law for "Possible Recapture Tax".
- Down Payment and Settlement Assistance is available under this program, this is also known as DSELP.
- The City of Baltimore, Anne Arundel, Baltimore and Harford County also participate in a programs that assists with funds that is a "Partner Match Program".
If you are interest in obtaining a mortgage in Maryland with the assistance of the Community Development Administration program contact one of our licensed loan originators in your area for additional information, or you may click here and someone will contact you.