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The Maryland Mortgage Program Opens Doors For Homebuyers
The Maryland Mortgage Program has been the state’s premier homeownership program for more than 30 years, relying primarily on private capital to provide affordable loans for hard-working families interested in purchasing a home.
The program provided 3,283 mortgage loans in calendar year 2015 compared to 1,599 loans in 2014, a 105 percent increase. The value of the loans increased 120 percent, from $289 million in 2014 to $638 million in 2015. That level of productivity is good news for hardworking families, for communities throughout the state and for Maryland’s economy.
The Maryland Mortgage Program’s competitive interest rates and down payment assistance often makes the difference in allowing a family to qualify for a mortgage.
• Maryland Mortgage Program products are ideal for first-time borrowers and other young families who have good incomes and solid credit but limited funds for down payment and settlement costs.
• The Maryland Mortgage Program loan is a safe and reliable product, with a transparent application process.
• To meet the diverse home buying needs of today’s market, the Maryland Mortgage Program offers a variety of loan products, including a 30-year, fixed interest rate home loan along with down payment assistance. Standard Maryland Mortgage Program home loans are available as conventional or government-insured. Homebuyers can get an even lower interest rate than the standard Maryland Mortgage Program home loan by choosing the Preferred Rate Program. Also, mortgage insurance is less than with conventional loans. And the lower interest rate helps borrowers obtain significant savings each month on their mortgage payments. Finally, the state frequently launches initiatives aimed at specific regions or demographic groups, such as those with student debt.
• The program expands opportunities for homeownership to eligible families in neighborhoods throughout our state. “The administration of Governor Larry Hogan is committed to increasing jobs, improving the state’s fiscal outlook and putting more dollars back in taxpayers’ pockets and a healthy housing market is the key to a healthy economy,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. “Through the Maryland Mortgage Program, more families are able to put down roots in our state and create long-lasting financial stability.” Program loans are administered by a network of more than 70 private lending institutions across the state and promoted through Maryland’s growing relationship with the state’s real estate community.
If you or someone you know could benefit from the Maryland Mortgage program give me a call at 240-351-8214.
Charles Chapman has more than 20 years' experience in the Montgomery County real estate market. He has been a full-time agent through rising markets and good times, and also through falling markets an....