First-time Home Buyers

Business notes

August 18, 1991

More than $3.2 million is now available for qualified first-time homebuyers through Harford County's Mortgage Purchase Program. The funding is made possible through a state Department of Housing and Community Development program.

Under MMP, the maximum purchase price for an existing unit is $80,000, or $85,000 for new construction. The loan can be used toward the purchase of single-family residences, including town houses, detached or semi-detached homes or condominium units. The purchase of a modular home qualifies for financing it it carries the state seal of approval for safety code compliance.

MMP interest rates are 7.5 percent for households with annual incomes of $28,200 or less, and 8.5 percent for households with annual incomes of more than $28,200 up to the program limit of $32,000 for one person and $40,000 for two or more in a household.

The 30-year mortgage includes one point to the buyer and one to the seller to be collected at settlement.

Prospective applicants should contact a participating lending institution for a loan application and program details. Copies of a list of participating banks, mortgage companies and savings and loans are available at the Harford County Housing Agency, 15 S. Main St., Bel Air.

Information: Department of Community Development Administration, 636-8871.

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