Ocean City, MD – The Maryland Mortgage Program is reentering the conventional mortgage market, providing a new option for homebuyers looking to take advantage of the low rates and significant downpayment and settlement cost assistance of the state’s flagship homeownership program.
Secretary Skinner told the Maryland Association of Realtors board of directors at their annual meeting that the state is partnering with Fannie Mae to create a great alternative for borrowers with higher credit.
“For many of these borrowers, there can be substantial savings,” Secretary Skinner said.
DHCD conventional loans are made possible by Fannie Mae’s HFA Preferred program but will have many of the same features as other Maryland Mortgage Program loans. Learn more about this new option.
Under the leadership of Governor O’Malley and Lt. Governor Brown, this has been a Summer of Savings for Maryland homebuyers and a summer of innovation for the Maryland Mortgage Program.
Beginning with National Homeownership Month in June, the state has launched a series of homeownership initiatives aimed at veterans, first time homebuyers and families looking for their dream home in Baltimore City, parts of Prince George’s County and targeted neighborhoods throughout the state. Visit DHCD’s website at Mdhousing.org to learn more about the Maryland Homefront, the Targeted Areas Initiative and the Save-A-Home programs.
Each of the initiatives offers discounts off the Maryland Mortgage Program’s already low rates and significant downpayment and settlement cost assistance for qualified buyers. Moreover, those programs can be combined with incentives offered through longstanding programs such as DHCD’s House Keys 4 Employees.
The initiatives come amid mounting evidence that the state’s housing market is improving, Secretary Skinner told Maryland realtors. Home sales are up, prices are up and houses are spending less time on the market. Residential building permits – a good measure of construction activity – were up by more than 10 percent in July.
“We are seeing real signs of health throughout the state. I cannot emphasize enough how important this is to our economy,” Secretary Skinner said.