ANNAPOLIS, Md. — Governor Wes Moore announced a new $50 million mortgage assistance program Friday to help teachers and first responders buy their first homes in Maryland.
The program, called First Homes for First Responders and Teachers, will offer eligible first-time homebuyers a mortgage interest rate that is half a percentage point lower than existing Maryland Mortgage Program rates, along with financial assistance for down payments and closing costs.
Moore unveiled the initiative during a stop at Baltimore County Police Precinct 4 as part of his statewide "Delivering for Maryland" tour. The governor met with police officers, firefighters and other first responders to discuss housing challenges facing public servants.
Under the new program, eligible educators, police officers, firefighters, EMTs, paramedics and 9-1-1 dispatchers can receive a mortgage rate 0.5% lower than the Maryland Mortgage Program's existing First Time Advantage product.
Participants can also receive a 0% interest loan equal to 5% of their mortgage amount to help cover down payment and closing costs.
For a $300,000 mortgage, that assistance would amount to $15,000, according to Moore.
The governor said the initiative is designed to address two major barriers for first-time homebuyers: monthly mortgage costs and the upfront cash needed to purchase a home.
"Homeownership is not just about a roof over your head," Moore said. "It's about having an opportunity to create real pathways to long-term wealth for you and your family."
Loan applications for the First Homes for First Responders and Teachers program open September 4.
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