Maryland initiative provides eligible home buyers generous downpayment and closing cost assistance
Current and former military personnel thinking of buying a home in Maryland this year should note that a state program offering them up to $10,000 in mortgage assistance is slated to expire June 30.
The Maryland Veterans and Military Family Mortgage Program helps current and former military home buyers purchase a home by offering lower-than-market interest rates and additional downpayment and closing cost assistance up to $10,000.
The program will end June 30 — or when the $50 million in program funds have been allocated to buyers.
Eligible participants are entitled to assistance that’s in addition to funds available from applicable CDA partner matching programs and assistance from local jurisdictions. It’s a tremendous benefit for eligible home buyers.
The program is open to active duty military (including the Reserves and National Guard) and honorably discharged veterans. Eligible buyers must qualify for a CDA loan using the Maryland Mortgage Program requirements, which take into account a buyer’s credit score, income and other factors.
CDA loans generally are limited to first-time buyers, but this requirement can be waived under certain circumstances. For more information on the program, visit http://www.mmprogram.org or call Julie Orsini, senior loan officer with Primary Residential Mortgage, Inc. at (410) 370-8304.
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).