What Changes Have Been Made to Maryland's Grant Assist Program?

he state of Maryland just supersized their Grant Assist Program, which initially helped out with closing costs up to 4%.

Since the recent change, this 4% can be applied toward helping with the down payment as well. This is absolutely amazing news for anyone who is looking to buy a home.

Say there’s a home on the market for $300,000. The Maryland Assist Program will give you up to 4%, but you can put as little as 3% down for a home. This still leaves you with 1% from the program. 

If you’re working with a Realtor like myself who can convince sellers to pay 3% of the closing costs, you’re in even better condition. 

Now you’ve got 3% seller subsidy with an additional 1% from the Maryland Grant Assist, meaning you’re in the house for basically no money.

This 4% can only be applied toward your down payment in the case of conventional loans, but it can still be a big help to other loan programs. With FHA, it can still go toward your closing costs. 

Either way, this is great news for Maryland buyers. If you’re ready to buy, now is a great time.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.