NEW CARROLLTON, Md. – The Maryland Department of Housing and Community Development’s Maryland Mortgage Program immediately introduced the launch of two new mortgage merchandise to supply greater ranges of down cost and shutting value help.
The Maryland Mortgage Program has been the state’s flagship homeownership program for over 40 years, and, for the previous three years, has averaged over $1 billion in dwelling mortgage reservations, serving to greater than 5,000 Marylanders get into their dream dwelling every year.
“In this challenging housing climate, when interest rates are increasing and affordable housing inventory is low, resulting in higher purchase prices, homebuyers need more down payment assistance,” mentioned Secretary Kenneth C. Holt.
“Our Maryland Mortgage Program is nationally-recognized for the diversification of our product line, and we are constantly evaluating new products that can give Marylanders the best possible options to attain and sustain homeownership.”
The new 1st Time Advantage 5% Loan and 1st Time Advantage 4% Loan merchandise provide down cost and shutting value help equal to five% or 4% of the primary mortgage, respectively, and are 0% deferred for as much as 30 years, which means new homebuyers won’t must pay again the help till promoting or refinancing their dwelling.
In addition to the newly launched mortgage merchandise, the Maryland Mortgage Program affords all kinds of mortgage merchandise particularly tailor-made to make homeownership reasonably priced and sustainable, together with versatile financing authorities and traditional loans that include varied ranges and types of down cost and shutting value help and engaging rates of interest for each first-time and repeat homebuyers, typical refinancing and even scholar debt reduction.
To be taught extra and discover out which product is best for you, go to mmp.maryland.gov and make contact with a taking part lender.