Hyattsville, MD – Acting Secretary Clarence Snuggs, Prince George’s County Executive Rushern Baker III and Attorney General Douglas F. Gansler today announced the launch of the Maryland Mortgage Program TriplePlay Initiative in Prince George’s County for potential homebuyers.
This new $100 million mortgage initiative is designed to help stabilize county neighborhoods by promoting homeownership. Learn more.
Here’s why the initiative is called TriplePlay: First, families looking to buy a home in Prince George’s County through the Maryland Mortgage Program may be eligible for up to $20,000 of downpayment and closing cost assistance. Second, they are eligible for a reduced Maryland Mortgage Program interest rate. Third, the state is waiving its fee to receive the Maryland HomeCredit, which allows homebuyers to claim a federal income tax credit of up to $2,000 for as long as the Maryland Mortgage Program loan is outstanding.
The $100 million MMP TriplePlay Initiative in Prince George’s County will help an estimated 500 families own the home of their dreams in the county. It is the result of a unique partnership between the Maryland Department of Housing and Community Development, Prince George’s County and the Office of the Attorney General. Working together, the partners recognized homeownership as the most effective use of a portion of the $10 million that was set aside for Prince George’s County as part of the landmark Mortgage Servicing Settlement between the nation’s attorneys general and the five largest lenders. Continue reading