Mortgage loans keyed to income available in Md.

January 24, 1993

Approximately $50 million in low-interest mortgage loans is available for income-eligible homebuyers in Maryland.

The funds are available through the Maryland Mortgage Program administered by the state's Department of Housing and Community Development.

To qualify for a 30-year, fixed-rate mortgage, individuals may earn up to $32,800 per year. Families may earn up to $40,950.

Interest rates for the program are based on household income. The interest rate is 7 percent for households earning $28,900 a year or less. Those earning more than $28,900 per year but less than the program's limit will pay 7.75 percent interest.

Maximum purchase prices for a house vary depending on location and whether the home to be purchased is newly constructed or a resale, but the range is from $70,100 to $85,000.

Prospective borrowers must have a signed sales contract on a qualifying home before contacting a participating lender, and the sales contract must be contingent on receipt of financing through the Maryland Mortgage Program.

More information about the program and a list of participating lenders is available from the Homeownership Program office at 514-7514 in the Baltimore area, or (800) 638-7781 toll-free.

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