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.