Reply to [MD] Homeability Homebuying Program

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Reply to "[MD] Homeability Homebuying Program"

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[quote=Anonymous]I had never heard of this, so wanted to pass it along.

[url]https://mmp.maryland.gov/Pages/HomeAbility/default.aspx[/url]

HomeAbility is a special product designed to assist Maryland homebuyers with disabilities to finance their home purchase. This is a Conventional Loan product and provides up to 95% LTV in a first lien and up to 25% (with a maximum of $45,000) in a second lien to assist with down payment and closing costs. The combined LTV may not exceed 105%. The interest rate for the first lien is posted on the Interest Rates page; the second lien has a rate of 0% and payment is deferred for the life of the first lien, but becomes payable upon sale, refinance, or transfer of the home.

To be eligible for HomeAbility:

One of the borrowers has disabilities OR one of the borrowers is a guardian for, resides with, and is the principal caregiver for an immediate family member who is disabled (regardless of age).
This product is designed for homebuyers at or below 80% of the Area Median Income. The income and purchase price limits are posted at: mmp.maryland.gov/Lenders/income. 
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