Veterans and Military families are eligible for down-payment and closing cost assistance through the My Maryland Home-Front program. This program offers veterans and military families discounted mortgages and closing cost assistance. The program is designed to assist veterans and military families with obtaining lower interest rates for homes mortgages.
DURATION: The program started July 3, 2012 – This program will continue until the allotted $50 million of funds have been committed – Ask for a referral to one of our mortgage lenders..
DOWN-PAYMENT AND CLOSING COST ASSISTANCE:
- $10,000 of assistance from the Community Development Association (CDA) Down payment and Settlement Expense Loan Program (DSELP)
- This amount can be combined with funds from applicable CDA Partner Match programs and assistance from local jurisdictions.
- INTEREST RATES:
- In Non-Targeted Areas: The interest rate will be one-half of a percent (.50%) below the prevailing Maryland Mortgage Program (MMP) non-targeted interest rate. Rates are updated daily on the MMP website at http://www.mmprogram.org/rates.aspx.
- In Targeted Areas: The interest rate will be 2.875% (APR 3.675%) until the $30 million Targeted Areas Initiative funds are expended; after that it will be a half of a percent (.50%) below the prevailing MMP rate.
We are always available to discuss your home buying options. Give us a call today at 301-483-8073…Or, complete the contact page – or send an email to get your mortgage lender referral today!
