The Maryland Department of Housing and Community Development (DHCD) announced the release of two new initiatives this week.
The first is the Maryland Mortgage Program (MMP) "You've Earned It!" program and the second is the Lower Shore Maryland DoublePlay program.
The “You’ve Earned It!” program is open to potential homebuyers with more than $25,000 in student loan debt who are buying a home in one of Maryland’s Sustainable Communities through the MMP. Borrowers receive a 2.75 percent discount on the MMP’s fixed rate, 30-year mortgage and $10,000 in down payment assistance in the form of a zero-percent deferred loan. Maryland's Sustainable Communities are regions across the state where governments, business and communities coordinate investments to achieve sustainable growth, good jobs and thriving neighborhoods. The Department of Housing and Community Development (DHCD) has created an online mapping tool to help you identify whether a property is in a Sustainable Community simply by typing in a street address.
The Lower Shore Maryland DoublePlay program is a special incentive for borrowers who are purchasing a home in Somerset, Wicomico and Worcester counties and it will run through the close of business on July 5, 2015. Highlights of this program are an interest rate .25% below each of the regular Maryland Mortgage Program (MMP) interest rates for conventional and government insured loans. The interest rate reduction cannot be used in conjunction with some of the other programs offered through MMP, including the Maryland HomeFront program or the Refinance Program. However, the Lower Shore Maryland DoublePlay program can be used in conjunction with the Maryland Home Credit Program—DHCD's Maryland HomeCredit Program provides eligible homebuyers with a federal tax credit that may be claimed annually, the value of which is equal to 25% of the value of mortgage interest payments (up to $2,000) paid each year, for the life of the loan (i.e. until payoff, sale, refinance or transfer).
To learn more about either of these programs, and/or the eligible areas for the “You’ve Earned It!” program, visit www.dhcd.maryland.gov.
Lauren Bunting is a licensed REALTOR®with Bunting Realty, Inc. in Berlin, MD.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
