M&T Bank First-Time Homebuyer Grant

M&T Bank First-Time Homebuyer Grant is a grant for homebuyers in Maryland, administered by M&T Bank (Manufacturers and Traders Trust Company). M&T offers grant funds for first-time homebuyers usable toward down payment, closing costs, out-of-pocket costs, and mortgage insurance, when the property is in an LMI census tract and borrower income is <= 80% of HUD Median Area Income in eligible counties. M&T's affordable lending footprint includes Maryland. First-time-buyer grant, no repayment. Applies to down payment, closing costs, MI. MD footprint LMI tracts. Pairs with M&T Home Starter. Funding comes from M&T Bank (lender-funded grant).

M&T Bank First-Time Homebuyer Grant is structured as a grant, so it is not repaid. Repayment is triggered by None - grant, no repayment. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

M&T Bank First-Time Homebuyer Grant is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. Lender-specific (M&T mortgage).

M&T Bank First-Time Homebuyer Grant limits household income to 80% of the area median income, which varies by county and household size. Property in an LMI census tract AND borrower income <= 80% of HUD Median Area Income in eligible counties. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

M&T Bank First-Time Homebuyer Grant can be used for Single Family, Condo, and Townhouse.

M&T Bank First-Time Homebuyer Grant serves homebuyers purchasing anywhere in Maryland. The program targets specific areas: LMI census tracts in eligible counties across M&T's footprint, which includes Maryland. Exact MD counties/tracts confirmed by an M&T rep.

Applications for M&T Bank First-Time Homebuyer Grant go through M&T Bank (Manufacturers and Traders Trust Company), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.