Maryland Homefront: the Veterans and Military Family Mortgage Program is the state’s $50 million initiative to help make homeownership more accessible to veterans, military personnel and their families. Through the initiative, qualified buyers can receive $10,000 in downpayment assistance and a half percent discount on the already competitive Maryland Mortgage Program rate.
The discount, coupled with downpayment assistance, could mean significant savings for military personnel and veterans seeking to buy a home in Maryland.
But the clock is ticking. Maryland Homefront: the Veterans and Military Family Mortgage Program ends Sept. 30 and about half of the funds set aside for it have already been committed.
Through Maryland’s Targeted Areas initiative, the state is providing up to $20 million in mortgage funds at a discounted rate for families looking to purchase homes in federally designated targeted areas, including Baltimore City and Allegany, Caroline, Dorchester, Garrett, Kent, and Somerset counties; and other neighborhoods throughout the state.
The discount – a half percentage off of the Maryland Mortgage Program’s normally competitive rates – could make a significant difference for families looking to buy a home in those neighborhoods, particularly if those families receive the generous downpayment assistance available through the state’s flagship homeownership program.
But the clock is ticking. About a third of the funds set aside for the Targeted Areas initiative already have been allocated.
The Maryland Homefront and Targeted Areas initiatives are among the many Maryland Mortgage Program products designed to expand homeownership opportunities for families from diverse walks of life. DHCD now offers conventional loan and refinance products as the agency moves aggressively to expand its portfolio and as the state’s housing market continues to strengthen.
In many cases, borrowers can combine DHCD partner match programs with local initiatives for additional downpayment assistance.
But … the clock is ticking.