News Column

Maryland Mortgage Program Reduces Interest Rates in Cecil and Harford Counties

June 11, 2014



CROWNSVILLE, Md., June 11 -- The Maryland Department of Housing and Community Development issued the following news release:

The Maryland Department of Housing and Community Development (DHCD) announced a reduction in Maryland Mortgage Program interest rates in Cecil and Harford counties. Interest rates will be reduced by 0.25 percent on all program loans reserved prior to August 10. The announcement was made at the conclusion of a regional seminar hosted in Belcamp by DHCD for lenders and realtors that provided information on Maryland Mortgage Program loan products and the new Maryland HomeCredit tax credit.

"Thanks to the partnership of our Maryland Mortgage Program lenders and realtors, we're helping homeowners secure their piece of the American dream," said Governor Martin O'Malley. "With better interest rates and the new Maryland HomeCredit, we're working every day to ensure that Maryland families have the resources and consumer protections they need to purchase a home for their families."

The Maryland Mortgage Program has been the state's flagship mortgage purchase program for more than 30 years. Maryland Mortgage Program loans are administered by a network of over 60 private lending institutions across the state. Pre-purchase homeownership education is required. A list of participating lenders is available at the Maryland Mortgage Program website: http://mmp.maryland.gov

"Last year, thanks to the Maryland Mortgage Program, we helped over 1,500 families become homeowners," said Lt. Governor Anthony G. Brown. "Through our efforts to make program loan interest rates more affordable this year, we will continue to build strong communities by ensuring that more Maryland families can own their own home."

Potential Maryland Mortgage Program homebuyers are also eligible for up to $5,000 in basic down payment assistance. Additional assistance is available through our Partner Match Programs. Through these programs, DHCD agrees to match any down payment assistance up to $2,500 offered by participating employers, builders and developers, and community organizations. Partner Match funds can be combined with the basic down payment assistance.

In addition to down payment assistance, Maryland Mortgage Program borrowers will be eligible for the Maryland HomeCredit tax credit. Through Maryland HomeCredit, eligible homebuyers who purchase a home before December 15, 2015 can claim 25 percent of the annual mortgage interest paid, up to $2,000, as a federal tax credit for every year the mortgage is outstanding and they live in the home. The homebuyer must get the Maryland HomeCredit at the time they close on their mortgage. There are fees associated with the Maryland HomeCredit, and refinances are not eligible.

"Our fixed-rate mortgages provide a safe, sustainable option for homebuyers," said DHCD Secretary Raymond A. Skinner. "This special rate reduction, combined with down payment assistance and, now, a federal tax credit for additional savings makes this an ideal time for potential homebuyers to explore the Maryland Mortgage Program."

For information about the Maryland Mortgage Program, down payment assistance, and Maryland HomeCredit, as well as the current loan specials, participating lenders and homeownership counselors in your area, visit: http://mmp.maryland.gov

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