Receive $18,500 in closing help
The House Keys 4 Employees, down-payment assistance program is available to Maryland First Time Home-buyers, This program gives the borrower ultimate flexibility in the purchase of their house because they have up to $18,500 to help them with down payment and closing costs.
The HK4E is an employer/state-match program that coincides with Maryland Mortgage Program (MMP). The potential buyer can simply qualify for a FHA loan using the MMP and receive up to $5,000 from their employer and up to a $5,000 match from the State, as long as their employer participates in the program. These funds can be used for their 3.5% down-payment and closing costs.
Which Employers Qualify?
Here’s an abbreviated list of some of the employers that participate in the program (a complete list can be found at: http://www.mmprogram.org/hk4eParticipating.aspx):
City of Gaithersburg
Anne Arundel County Schools
Bozzuto Group (The)
A Different Touch Hair Salon
Charles County Government
City of Greenbelt
City of Baltimore
Prince George’s County Government
Prince George’s County Public Schools
St. Mary’s College of Maryland
Johns Hopkins University
St. Mary’s County Fire, Rescue & ALS
St. Mary’s County Government
Under Armour, Inc.
University of Maryland Medical Center
State of Maryland Government
If you work for one of these employers, you can visit your HR department and ask for more information. They will tell you the first step is to be pre-approved by a MMP Lender. I am proud to say that First Home Mortgage is one of the top MMP lenders in the state.
Here are a couple of things to keep in mind when qualifying for this loan.
· You have to be a first-time home-buyer or have not had ownership interest in a property for the last three years.
· Meet the house-hold income limit (1 person = $86,268; 2 people = $123,240
3 or more people = $143,780
· Complete a Homeownership Counseling/Education Class before reserving the Funds
· Work or have a job offer from one of the participating employers (at least 1 borrower)
Max Sales price is $429,619
On top of this, a qualified borrower can also always take the regular DSELP assistance of $3,500 (available to anyone using the MMP loan). Also! If this particular buyer purchases a home in the county where they work or buys within 10 miles of their work, and if the home is located is a Priority Funding Area , the buyer can receive an additional $5,000. This is a piggy-back program called the Smart Keys 4 Employees Program.
Looking at all the assistance available, we have $3,500 DSELP, $5,000 from the Employer, $5,000 HK4E matching funds, and an additional $5,000 SK4E for a grand total of $18,500 for down-payment and closing costs assistance! Keep in mind that the DSELP, Hk4E, and the SK4E are all 0% deferred loans that need to be paid off once the owner refinances or sells the home.
How Do I Take Advantage of This?
For more information about the MMP program, DSELP, HK4E, and SK4E, visit their website at www.morehouse4less.com. I am here to help answer any and all of your questions. Call me today at 202-600-8963 or 301-251-1221
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