1st Time Advantage + SmartBuy
What This Looks Like for a $350,000 Home in Maryland
How Maryland's First-Time Homebuyer Programs Work
Maryland Mortgage Program offers 1st Time Advantage + SmartBuy to qualifying first-time buyers in Maryland. Most Maryland buyers pair this with an FHA, VA, USDA, or Conventional 97 loan, using the DPA to cover the down payment, closing costs, or both. The DPA is structured as second mortgage or grant.
Eligibility requirements
Most Maryland HFA programs require: (1) you haven't owned a primary residence in the last 3 years, (2) household income under ~$154,000 (county-dependent), (3) minimum FICO score of 640-680, (4) the home is your primary residence, (5) you complete a HUD-approved homebuyer education course (typically online, ~6-8 hours).
How to apply for 1st Time Advantage + SmartBuy
You don't apply directly through Maryland Mortgage Program — you apply through one of their participating lenders. The agency lists approved lenders on their website. Get pre-approved with at least 2-3 of them: rates and fees vary, even within the same DPA program.
Combining Maryland DPA with federal loans
Pair 1st Time Advantage + SmartBuy with FHA (3.5% down, 580+ FICO) for the easiest qualifying. Veterans should use VA loans (0% down) — DPA still helps with closing costs. Rural buyers should check USDA (0% down). Buyers with 3-5% down and good credit can use Conventional 97 or HFA Preferred for lower mortgage insurance.
Other Maryland buyer benefits
Beyond DPA, ask your lender about: Mortgage Credit Certificates (MCC) for federal tax credits up to $2,000/year, employer-assisted housing programs (some Maryland employers offer additional grants), and city/county DPA stacking (cities like the largest metros in Maryland often add their own programs on top of state DPA).