Md. housing unit offers low-interest mortgagesThe Maryland...


January 22, 1995

Md. housing unit offers low-interest mortgages

The Maryland Department of Housing and Community Development's Maryland Mortgage Program is offering low-interest mortgage loans to income-eligible Maryland homebuyers.

Two interest rates are expected to be provided to qualified applicants. Those with incomes of $31,350 or less will qualify for the lower interest rate and individuals earning up to $41,800 or households up to $49,650 will be eligible for the higher rate.

The maximum purchase price for a new or used home under the program is $110,000. Criteria for applying:

* Applicants must be first-time homebuyers.

* Applicants must have a signed sales contract on a qualifying home before contacting a lending institution.

* Borrowers must make their sales contracts contingent upon re- ceiving financing through the Maryland Mortgage Program.

* The contract of sale also must state that the borrower has at least 75 days from the date of application to obtain loan approval.

The money will be administered through DHCD's Community Development Administration and the local governments. In Carroll County, the Bureau of Housing and Community Development will handle loan applications. For information, contact Jean Swartz at 848-9707. Other features of the month include a gospel jubilee on Feb. 4, comedian Troy Thirdgill on Feb. 8, an appearance by scholar-activist Dr. Jessie McDade, on Feb. 21 and a Drama Festival presented by WMC students on Feb. 26.

Bartlett named vice chair of small business panel

Congressman Roscoe G. Bartlett, a Republican from Maryland's Sixth District, has been named vice-chairman of the House Small Business Committee.

"I look forward to helping craft an agenda for our nation's small businesses that will promote prosperity, jobs and the perpetuation of the American Dream," he said in a news release.

Rep. Jan Meyers, a Kansas Republican, chairs the committee.

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