New Home Loans for Marylanders
BALTIMORE, Md – Home interest rates are constantly rising, making it difficult to buy a home. Maryland Mortgage Program tries to make it a little easier by offering new and old home loans. They will first increase their assistance to the down payment by one thousand dollars allowing those who qualify to get $6 thousand instead of the original $5 thousand.
Those with student loan debt will have an additional option for their down payment assistance called SmartBuy. If you have student loan debt, you can choose the $6,000 lump sum or, you can receive a loan for 4% of your down payment and closing costs plus up to $30,000 in debt relief. student debt. A new loan has also been added.
The HomeStart loan gives those whose income is 50% below the area average income, 6% of their down payment and closing costs. People with disabilities can also benefit from the HomeAbility Act which will give them a flexible loan structure and more financing. The last loan granted will be available for the 7e consecutive year. The Montgomery Homeownership Program VII loan will allow borrowers to get up to $25,000 for their down payment. To learn more about these loans, click here.