Nearly $57 million in low-interest mortgage loans became available this month for income-eligible homebuyers in Maryland, through the state-administered Maryland Mortgage Program.
Designed to help people with low and moderate incomes, the mortgage program is administered by the state's Community Development Administration, which recently issued tax-exempt revenue bonds to finance the program.
The program enables local governments to take advantage of the state's excellent bond rating, share the cost of issuing the bonds and benefit from centralized administration of the program. It serves 21 of the 23 Maryland counties and Baltimore.
Montgomery and Prince George's counties do not participate because they separately issue revenue bonds to fund housing programs in their jurisdictions.
To qualify for a 30-year, fixed-rate mortgage loan in most parts of the state, individuals may earn up to $32,800 a year and families may earn up to $40,950. In Anne Arundel, Harford and St. Mary's counties, individuals may earn up to $36,050 and families may earn up to $45,050.
Under the program, the interest rate is 7 percent for people earning $28,900 a year or less, and 7.75 percent for people earning more than $28,900 up to the program's income limit for their area.
To apply, homebuyers must have a signed sales contract on a qualifying home and contact a participating lending institution. Borrowers must make their sales contracts contingent on receiving funding through the program.
A brochure and list of participating lenders is available from the state's Homeownership Program office at 410-514-7514, from the Baltimore area, or 1-800-638-7781 from other parts of the state.
$300,000 fund drive
Housing America Through Training, a Baltimore-based non-profit organization formed in 1989 to build affordable housing and teach disadvantaged people construction skills, has set a goal of $300,000 in its 1992 Giving Campaign, launched last week.
Bruce Scherr, president of Bruce Scherr Development Co., is general chairperson for the campaign, and television newscaster Beverly Burke is the honorary chairperson.
Other campaign committee members include Robert Agus, Jeff Ament, Richard Azrael, Catherine Dobler, Manley Gately, Herbert Greenbaeum, Wesley Hariston, Lee Rosenberg and David Thaler.
Housing America Through Training was founded by members of the Home Builders Association of Maryland.