May. 31, 2012
Maryland Mortgage Program officials announced this morning that they are offering a reduced interest rate of 2.875% (APR 3.675%) in a few “targeted” areas around the state, including all of Garrett and Allegany counties.
The promotion, which commemorates June’s National Homeownership Month, was announced by Maryland Housing Secretary Raymond A. Skinner at a home for sale in the Barclay-Old Goucher community of Baltimore City, which is also considered a targeted area.
Other eligible areas include Dorchester, Kent, and Somerset counties.
“Homeownership is an important goal for many families and young professionals and we want to help them achieve this dream,” said Skinner. “We recognize that Maryland has a top notch workforce and we are offering this attractive low interest rate as a strong incentive to these talented individuals and families to buy homes and invest within Baltimore City and other targeted areas around the state.”
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The reduced rate will be offered to all qualified buyers in the target areas for approximately three months, or until the entire $30 million earmarked for this incentive is committed.
In addition to this reduced rate, buyers may qualify for other Maryland Mortgage Program benefits, including help with down payments and closing costs.
Program officials stressed that Garrett County residents do not have to be first-time homebuyers in order to take advantage of the low rate, as purchasers in targeted areas are eligible for a one-time exemption to the program’s first-time homebuyer requirement.
This special promotion also includes incentives for eligible buyers of any foreclosed or short sale property (collectively referred to as the Save-a-Home Loan Progam) in a non-targeted area. The interest rate for this program will be ¾% below the regular Maryland Mortgage Program, with a floor of 3.25% (APR 4.082%) and will only be available for the month of June.
For more information about the Maryland Mortgage Program – especially details on income eligibility, purchase price limits, and the low rate – persons may call the DHCD hot line at 800-638-7781 or visit mmprogram.org, which lists private lending institutions and financial counseling agencies in their areas that can help them become homebuyers.
For a map and more information on targeted areas, one may visit www.mmprogram.org/TargetedAreas.aspx.
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