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HOMEBUYER SAVINGS

Maryland Homefront Offers Special Benefits for
Veterans, Military Personnel and Their Families

REALTORS® and others gathered July 3rd, 2012, at a beautiful "for sale" property in Upper Marlboro as Lieutenant Governor Anthony G. Brown announced a new Maryland Mortgage Program (MMP) initiative:

Maryland Homefront: the Veterans and Military
Family Mortgage Program

Congresswoman
Donna Edwards
 
Lieutenant Governor
Anthony G. Brown
 
MD DHCD Secretary
Ray Skinner
 
PGCAR 2013 President
Anthony Williams
 
PGCAR 2013 President
Anthony Williams
 
Senator
Ben Cardin

PGCAR 2013 President Anthony Williams welcomed military homebuyers to consider Prince George's County. Also at the event were Senator Ben Cardin, Congresswoman Donna Edwards, Maryland DHCD Secretary Ray Skinner and Aubrey Thagard representing the County Executive. Everyone present recognized PGCAR Government Affairs Director Mike Graziano in their remarks for all of his outstanding work in representing the REALTORS® of Prince George's County.

Maryland Homefront will benefit qualified current and former military members with a discounted mortgage interest rate and increased down payment assistance in the purchase of a home. Additionally, this program is a $50 million initiative offering an additional discount off the regular MMP rate for loans reserved up to May 30, 2014 or until the program funds have been expended. (The program was originally scheduled to end June 30, 2013. It was extended, then renewed on July 1, 2014.)

Downpayment and Closing Cost Assistance:

  • $5,000 of assistance from the Maryland Mortgage Program's Down Payment Assistance (DPA) Program.

  • This can be combined with funds from applicable Partner Match programs and assistance from local jurisdictions.
Interest Rates:
  • The interest rate will be 0.25% below the prevailing MMP Non-Targeted interest rate. Rates are updated daily on the MMP website.

  • The interest rate reduction cannot be used in conjunction with any Regional Specials offered. The borrowers can benefit from either a 0.25% interest rate reduction as a Maryland Homefront loan OR a 0.25% interest rate reduction for a Regional Special.
Eligible Maryland Homefront Borrowers:

  • Open to active duty military (including Reserves and National Guard) or honorably discharged veterans.

  • Must qualify for a loan according to the MMP requirements (i.e. credit score, income limitations, etc.).

       Household 
     Size
     
     Income Limits 
     Non-Targeted
     
     Income Limits 
     Targeted
     
      Prince George's County   1 or 2 $128,760 $128,760
    3 or more $150,220 $150,220


  • All borrowers must take approved homebuyer education and utilize an approved lender. For more information on general MMP requirements, click on MMP or browse the MMP website at mmp.maryland.gov.
First-Time Homebuyer Requirement Waivers:

While MMP loans generally are limited to first-time homebuyers, the requirement is waived if:
  • Borrower is purchasing in a Targeted Area;
  • It has been more than three years since borrower has owned a principal residence; or
  • Borrower is an honorably discharged veteran who has not previously used the exemption.
Click here for a detailed Maryland Homefront Fact Sheet >




PGCAR - The Voice for Real Estate in Prince George's County
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