Bond Loan Programs
Main Street Home Loans actively participates in a wide variety of bond programs which are targeted towards First Time Home Buyers. These programs have income restrictions but can be an excellent option for those in need of down payment assistance. The interest rate for your loan is set by the respective Bond Program and is typically slightly higher than the market interest rate due to the down payment assistance. Another benefit is that these programs often allow for reduced Mortgage Insurance coverage.
If you do not need down payment assistance, most of these programs offer a second option of below-market pricing. If you're not a "first time home buyer", don't be discouraged! Each program has unique requirements and definitions of a first time home buyer. Most consider you one if you have not owned a property in the last three years, but even then there are exceptions.
Programs include but are not limited to:
1) The Maryland Mortgage Program (MMP or CDA)
2) The Housing Opportunities Commission (HOC)
4) Virginia Housing Development Authority (VHDA)
5) Pathway To Purchase
We can also help finance MPDU properties in Montgomery County.
Hillary is pleased to accept the designation of being a preferred MMP Lender based on highest closed volume using this program in Montgomery County, MD.