$50 Million for Maryland Teachers and First Responders Buying Their First Home

What the news said, and what it means on your street.

Maryland just put $50 million behind getting teachers and first responders into their first homes.

The program is called First Homes for First Responders and Teachers, and it runs through the Maryland Mortgage Program. Here's the part that matters: you get a 30-year fixed first mortgage, plus a second loan worth 5% of that first mortgage to cover the down payment and closing costs.

That second loan is 0% interest and deferred for 30 years. No monthly payment on it. You pay it back when you sell, refinance, or transfer the home. Not before.

Who qualifies as a first responder: firefighters, certified EMTs and paramedics, commissioned police officers, rescue squad members, 9-1-1 specialists, sworn members of the Office of the State Fire Marshal, and volunteer firefighters with twelve recent months of documented service.

Who qualifies as a teacher: full-time, state-certified classroom teachers and school counselors, pre-K through 12, at public, private or vocational schools.

You have to be a first-time buyer and meet the usual MMP requirements. You have to be working full time in the role here in Maryland, or moving here for one with a signed offer in hand. And it doesn't stack with other MMP products.

If that's you, or that's your sister or the guy who coaches your kid, forward this to them. Five percent of the purchase price with no monthly payment is real money, and $50 million does not last forever.

First step: talk to a lender who works with MMP and get pre-approved. Don't have one? We'll introduce you to ours. Then we look.

Let's chat. Megan: 443-955-0540 · megan@yourhomebaltimore.com