Baltimore – Within weeks of the launch of a new initiative designed to make homeownership more accessible for veterans and members of the military, comes news that several families already have taken advantage of the program.
Secretary Skinner joined Lt. Governor Anthony Brown, Senator Benjamin Cardin and Rep. Donna Edwards on July 3 to announce Maryland Homefront: the Veterans and Military Family Mortgage program. The $50 million initiative offers qualified veterans and members of the military half a percent rate discount off the regular Maryland Mortgage Program rate and $10,000 for downpayment and settlement costs.
As of Aug. 2, five families had received loan reservations, including veterans in Baltimore City and Charles, Prince George’s, and St. Mary’s counties; and an active duty service member in Anne Arundel County; for a total of $1.3 million.
The goal of the initiative is to stimulate the state’s improving housing market while making homeownership more accessible for men and women as a way of repaying their service to the country.
“Our veterans have made an incredible sacrifice in leaving their families to serve on our behalf,” said Lt. Governor Brown during the July 3 announcement. “Through Maryland Homefront, we can help repay that debt by ensuring that they and their families have access to secure, affordable housing opportunities.”
Maryland Homefront is the latest addition to DHCD’s Summer of Savings – 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.
Visit DHCD’s website to learn more about the record low rates and generous downpayment and settlement cost assistance available through initiatives such as the state’s flagship homeownership program.