Upper Marlboro, MD – Homebuyers in Maryland could save hundreds of dollars each month and receive significant downpayment and settlement cost assistance through a new program designed to make homeownership more accessible for veterans and members of the military, state officials announced.
Secretary Skinner on July 3 joined Lt. Governor Anthony Brown, Senator Benjamin Cardin and Rep. Donna Edwards to announce Maryland Homefront: the Veterans and Military Family Mortgage Program.
Standing before a $250,000 Colonial home in a quiet middle class neighborhood in Upper Marlboro, Secretary Skinner said a qualified current and former service member purchasing that home through the program would save approximately $840 a year on mortgage payments and could receive $10,000 through the Downpayment and Settlement Expense Loan Program.
The $50 million initiative offers half a percent rate discount off the regular Maryland Mortgage Program rate for loans reserved up to June 30, 2013 or until funds have been expended.
Maryland Homefront is the latest of several new homeownership initiatives designed to help families take advantage of low prices and record low rates through the Maryland Mortgage Program, the state’s flagship homeownership program.
Some of those programs can be combined with the Maryland Homefront program for additional savings. For instance military members and veterans could receive additional assistance if they work for companies that participate in DHCD’s House Keys 4 Employees program or if their purchase is covered by the Community Partners Incentive Program. Learn more.
“As we prepare to celebrate Independence Day, a time to be thankful for our freedom, we must also demonstrate our gratitude to the brave men and women who make that freedom possible,” said Lt. Governor Brown, a colonel in the U.S. Army Reserves and the nation’s highest-ranking elected official to have served a tour of duty in Iraq. “Our veterans have made an incredible sacrifice in leaving their families to serve on our behalf. Through Maryland Homefront, we can help repay that debt by ensuring that they and their families have access to secure, affordable housing opportunities.”