Md. housing agency provides grants for 40-year mortgages

REAL ESTATE WATCH

July 24, 2005|By Ryan Basen

Maryland's housing department has unveiled 40-year fixed rate mortgage loans and $5,000 grants toward down payments to help residents cope with higher housing prices.

The 40-year loans and down-payment grants are available this summer as part of the Department of Housing and Community Development's More House 4 Less program.

More House 4 Less was established to help Marylanders afford houses in a market where the median home sale price rose more than seven times faster than did the median household income in the state between 2000 and 2003. Nearly 3,000 Marylanders have taken advantage of it since it was launched in January 2003.

In April, the department announced a 35-year fixed-rate mortgage as part of More House 4 Less.

Information: www.morehouse 4less.com or call 800-638-7781 for a homeownership kit.

- Ryan Basen

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