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Maryland Mortgage Program Offers Low Fixed Interest Rates,
$100 Million Set Aside for Loans to BRAC Buyers,
and New Incentives for Renovating "Fixer Uppers"

Did you know that the Maryland Community Development Administration (CDA) offers low, fixed interest rates and some matching funds to eligible homebuyers through the Maryland Mortgage Program (MMP)? In Prince George's County, homebuyers with a 1-2 person household can have up to $124,200 annual household income and still qualify.

Revitalizing Neighborhoods. Two new MMP mortgages just announced in spring 2011, will help renovate foreclosed or rundown properties.

• The Acquisition / Rehabilitation Mortgage Program helps purchase a single-family home as a primary residence and obtain funds for needed repairs and renovations.
• The Homeward Bound Program offers eligible buyers of foreclosed or short sale property a lower rate mortgage.

Since July 2010, the Maryland Mortgage Program rates have been aggressively lowered, offering even more savings in comparison to average mortgage rates. PGCAR REALTORS^® participated in a press event in Laurel, when the Maryland Department of Housing and Community Development first announced the Maryland Mortgage Program interest rates were being lowered.

L-R - Senator Jim Rosapepe, 2011 MAR President Steve Meszaros, Lt. Governor Anthony Brown, MBA CEO Kathleen Murphy, 2011 PGCAR President Joanne Darling (at podium) and DHCD Secretary Raymond Skinner.

2011 MAR President Steve Meszaros, MD DHCD Secretary Raymond Skinner, Lt. Governor Anthony Brown (at podium), 2011 PGCAR President Joanne Darling.

PGCAR President-Elect Joanne Darling joined Lt. Governor Anthony Brown, Maryland DHCD Secretary Raymond Skinner, State Senator Jim Rosapepe, MAR President Steve Meszaros and representatives of the Maryland Bankers Association in making the announcement.

In addition to lowering the state Community Development Administration (CDA) mortgage interest rate, $100 million of federal assistance bond money was set aside for 4.5% mortgage loans in Prince George's County and nine other Maryland counties that are impacted by the federal Base Realignment and Closing act (BRAC). Our neighbors Anne Arundel, Howard and Montgomery are also included. It is estimated that this set aside can be used for approximately 625 mortgages.

For detailed information on the Maryland Mortgage Program, CDA and Downpayment Assistance go to www.mmprogram.com.
Click here for current 30 year interest rates.

Download MMP brochure >>

June 7, 2011 Press Release: Special Interest Rates for Buyers of Foreclosed Properties or Houses Needing Significant Repairs >>

July 8, 2010 Press Release: Lt. Governor Brown Announces Initiative Encouraging Homeownership, Lowers Statewide Interest Rate, Rolls Out Red Carpet for BRAC Families >>