Veterans and military families may now be more easily able to purchase a home, after Lt. Gov. Anthony G. Brown (D-MD) and the Department of Housing and Community Development announced a new program that offers incentives to service members trying to buy a home.
Maryland Homefront: The Veterans and Military Family Mortgage Program will be geared specifically for both active and non-active military and their families purchasing homes to help them receive discounts on closing costs and interest rates. The state already has a Maryland Mortgage Program for first-time homebuyers in need of assistance.
"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," 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, said in a press conference last week.
Congresswoman Donna Edwards (D-Dist. 4), (DHCD) Secretary Raymond Skinner and Sen. Ben Cardin (D-MD) were also in attendance at the announcement just before Independence Day in Prince George's County.
The program will offer veterans a number of low-interest, fixed-rate mortgage loan options with up to $10,000 for assistance toward a down payment and closing costs. It's primarily for first-time homebuyers, but other military families can still take advantage of the discounts.
According to Brown's office, the program would allow a service member to save nearly $840 per year on mortgage payments if he or she purchased a home worth $250,000.
"It is our responsibility to match their efforts with equal dedication to ensure they receive the essential health care, training, education, and housing services upon their return," Edwards said. "Maryland Homefront is an important step in that direction, guaranteeing that veterans have access to the affordable housing that they and their families deserve."
For more information on the Maryland Mortgage Program, especially details on income and purchase price limits and a map of targeted areas, please visit www.mmprogram.org or contact the Community Development Administration by phone at 410-514-7530 or by email at SingleFamilyHousing@mdhousing.org.