Newer teachers can now apply for 5% mortgages

REAL ESTATE WATCH

July 09, 2000

Applications are now being accepted for a new state mortgage program that offers below-market financing to recently hired public school teachers.

Through the Homeownership Opportunities for Teachers program, the state will make $25 million in mortgage money available at 5 percent interest for teachers who participate.

Full-time Maryland-certified classroom teachers who were recently hired or have taught in the state for five years or less are eligible for the program, which does carry income and purchase price requirements. Other requirements include:

* The borrower must have a contract to teach in a state public school system (grades pre-K through 12);

* The borrower must commit to teaching in Maryland public schools for at least three years from the date of the loan closing;

* All borrowers must be first-time homebuyers.

A teacher who purchases a home under the program must use it as his or her primary residence, and it must also be located in a Smart Growth area - such areas being defined as regions that do not contribute to urban sprawl.

The state's Department of Housing and Community Development is financing the low-rate mortgages through the sale of tax-exempt mortgage revenue bonds by its Community Development Administration.

For more information, call: 410-514-7530 or 800-638-7781 or DHCD's Web site at www.dhcd.state.md.us.

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