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Maryland Mortgage Program (MMP) Recognized With National Award of Excellence

Maryland Mortgage Program (MMP) Recognized With National Award of Excellence

MMP’s Product Diversification Empowers New Buyers

New Carrollton, MD (October 29, 2020) — The National Council of State Housing Agencies has announced the Maryland Mortgage Program as the winner in the category of Homeownership: Empowering New Buyers at its Annual Awards for Program Excellence. The state housing program was honored for its diverse array of loan products and down payment assistance. These initiatives have empowered homebuyers in Maryland, particularly first-time homebuyers, and led to more than $1 billion in Maryland Mortgage Program loan reservations in 2019.

The Maryland Mortgage Program has been the state’s flagship homeownership program for nearly 40 years. The program offers a wide range of home loan products that have been specially tailored to help make homeownership affordable in Maryland. Whether you’re looking for extremely low interest rates (as low as 2.125% this fall), downpayment and closing cost assistance up to $9,500, or even student debt relief, MMP provides a diverse product matrix that is designed to help Marylanders get into a house at an affordable price.

The Maryland Mortgage Program’s product diversification and expansion was a significant factor in a recent performance milestone. In Calendar Year 2019, the program reserved approximately 4,300 loans totaling $1,189,684,291 – the first time annual reservations exceeded $1 billion. The program’s strong performance positively impacted the department’s bond issuances and sales and recently led to an upgrade of the department’s housing finance bond rating by Moody’s Investors Service – the first such upgrade in 40 years.

In effectively doubling the amount of home loans, the Maryland Mortgage Program proved its new product matrix is extremely attractive to Maryland homebuyers. On behalf of the Maryland Department of Housing and Community Development, the Maryland Mortgage Program would like to extend a thank you to our amazing professional partners. This great success was a result of an extremely effective network of professional partners. Together, we’re building Maryland communities.

For more information about the Maryland Mortgage Program, visit mmp.maryland.gov.