Launched July 3rd, the program provides bargain interest rates and downpayment assistance to qualified buyers.
Great news for military veterans and families looking to purchase a new home — the state of Maryland July 3 launched a new Veterans and Military Family Mortgage Program that offers tremendous incentives and assistance to those who qualify.
Under the program, eligible buyers can get a mortgage interest rate one half of a percent (0.5 percent) below the one offered by the regular Maryland Mortgage Program. The program also provides up to $10,000 of assistance toward a buyer’s downpayment and settlement expenses.
Plus, these amounts can be combined with funds from a variety of other partner matching programs and homebuying assistance from local jurisdictions. Qualifying applicants do not have to be first-time homebuyers.
The program is open to active duty military (including Reserves and National Guard) and honorably discharged veterans. Homebuyers seeking the program’s downpayment and settlement assistance must meet certain requirements, including income limitations and credit score standards. Borrowers also must take approved homebuyer education classes and use an approved lender.
The program will provide a total of $50 million to help current and former military looking to buy a home. The program will continue until June 30, 2013, or until program funds are exhausted.
For more information on the program, contact me at (443) 924-7418.
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).