BRAC Buyer Assistance Programs

There are a number of families relocating to the Baltimore area for BRAC, the Base Realignment and Closure Program. Many BRAC transferees will be working at the Aberdeen Proving Grounds in Aberdeen, MD.

To help families with their necessary moves, the State of Maryland government has put a few closing cost assistance programs into place.

These programs are through the Maryland Mortgage Program (also known as MMP), including programs such as CDA, House 4 Keys, and DSELP programs.

The newest release is called the BRAC Match Program.

According to the Maryland Department of Housing and Community Development, (DHCD) in Directive 2010-22,

The BRAC Match Program is a new program that enables eligible BRAC homebuyers to receive $2,500 in downpayment and/or closing cost assistance. BRAC Match Program assistance is provided through a zero percent deferred loan repayable at the earlier of maturity or prepayment of the first mortgage, or sale or transfer of the property and can be combined with other downpayment and closing cost assistance programs such as the $5,000 currently available to all borrowers through the Downpayment and Settlement Expense Loan Program (DSELP).

If you are affected by BRAC and moving to the Baltimore area, you have many options available to you now.

Contact me to learn more about the BRAC buyer assistance programs and how they may benefit you buying a home in Maryland.

Maryland Mortgage Program Expanding

The Maryland Mortgage Program is expanding in expectations that many BRAC individuals may use the program to buy their first home in Maryland.

The interest rates were dropped to 4.5% as well, to make the program even more attractive. These programs and rates are available to all who qualify for them, not just Maryland BRAC homebuyers.

The Maryland Mortgage Program (MMP) has multiple options for buyers — mostly first time homebuyers. Their site states:

Get Maryland Mortgage Program With CDA:

All Community Development Administration (CDA) mortgage products have low, fixed interest rates and are available with downpayment and closing cost assistance.

House Keys 4 Employees:

An employer partnership program, to help Maryland’s workforce become homeowners.

Downpayment and Closing Costs Assistance:

With Maryland Mortgage Program, homeowners can receive Downpayment and Closing Cost Assistance.

Most of these programs are for Maryland first time homebuyers, but they can allow for very little money out of pocket to get into a house. These programs require counseling and multiple qualifications, including income limitations, and in a few cases, company of employment or specific location of home to purchase.

Contact me to learn more about the Maryland Mortgage Program and how it may benefit you buying a home in Maryland.