1st Time Advantage 6000

What is 1st Time Advantage 6000?

1st Time Advantage 6000 is a deferred second loan for homebuyers in Statewide, Maryland.

• Maryland DHCD MMP 1st Time Advantage with FLAT $6,000 deferred 0% DPA second. Lowest-DPA tier in the 1st Time Advantage family - typically the lowest first-mortgage note rate. Bond-funded MRB first. FTHB required. 640 FICO. Statewide.
• Maryland DHCD's 1st Time Advantage 6000 provides a flat $6,000 second mortgage for down payment and/or closing cost assistance. Pairs with a 30-year fixed-rate MMP first mortgage funded via Maryland mortgage revenue bonds. The $6,000 DPA second is structured as a 0% non-amortizing deferred soft second - no monthly payment, due in full on sale, refinance, transfer of title, payoff of the first mortgage, or non-owner-occupancy. The $6,000 fixed amount typically delivers the LOWEST first-mortgage note rate among the 1st Time Advantage family (because the DPA dollar amount is small / fixed). Income up to $229,460 (3+ person targeted). 640 FICO. Homebuyer education required.
• Funding comes from State and Bond.

Do you have to pay it back?

1st Time Advantage 6000 is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by 0% deferred soft second. Full $6,000 due on sale/refinance/transfer/payoff/non-owner-occupancy. No monthly payment. No forgiveness.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

1st Time Advantage 6000 is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

1st Time Advantage 6000 limits household income to $229,460.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

1st Time Advantage 6000 caps the purchase price at $1.5M.

• Eligible property types include Single-family detached, 2-unit owner-occupied (per overlays), condo (approved), townhouse, PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

1st Time Advantage 6000 names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

1st Time Advantage 6000 serves buyers purchasing in Statewide, Maryland.

• The program targets specific areas: Federally targeted census tracts and high-cost MD counties have elevated income / purchase-price limits.

How do you apply?

Applications for 1st Time Advantage 6000 go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through MMP-approved homebuyer education provider network..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reserved through MMP Lender Online portal at rate lock., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.