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New Home Loans for Marylanders

Home Prices
Posted at 8:41 AM, Jul 06, 2022
and last updated 2022-07-06 08:41:35-04

BALTIMORE, Md — Home interest rates are constantly rising making it hard for those looking to buy a home. Maryland Mortgage Program is trying to make it a little easier by offering new and old home loans. They will first increase their down payment assistance by one thousand dollars allowing those who qualify to get 6 thousand dollars instead of the original 5 thousand.

Those with student loan debt will have an extra option for their down payment assistance called SmartBuy. If you have student loan debt, you will be able to choose the 6-thousand-dollar flat rate amount or, you can receive 4 percent loan of your down payment and closing cost along with up to 30 thousand dollars in student debt relief. A new loan has also been added.

The HomeStart loan gives those who are 50 percent below the area medium income, 6 percent of their down payment and closing cost. Those with disabilities can also qualify for the HomeAbility law which will give them a flexible loan structure and more funding. The last loan provided will be available for the 7th year in a row. Montgomery Homeownership Program VII loan will allow borrowers to get up to 25 thousand dollars for their down payment. For more on these loans, click here.