Posted on August - 11 - 2010
Maryland Mortgage Program Boosts Homebuyer Aid
The state of Maryland is cutting the interest rate and boosting down payment assistance for its primary homebuyer assistance program.
Borrowers obtaining mortgages through the state’s Maryland Mortgage Program will be able to obtain an interest rate of 4.25 percent, down from 4.5 percent previously, while the base amount for down payment and closing cost assistance will be raised to $5,000, up from $3,500. The changes were announced Monday by Maryland Department of Housing and Community Development Secretary Raymond Skinner. “Buying a home is still a good investment,” Skinner said. “Right now is a great time to buy with lots of inventory from which to select, and we believe that by lowering our interest rate and increasing our down payment assistance, we are offering an attractive opportunity to first time homebuyers to make that investment and purchase a home.” The program is primarily targeted at first-time buyers, though repeat buyers can qualify if they purchase a home in a designated “targeted area.” Borrowers are also required to participate in a homeowner education workshop in order to qualify for a mortgage. The down paymen Full Post…