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Maryland Mortgage

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BUSINESS
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.
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BUSINESS
By Steve Kilar and The Baltimore Sun | May 22, 2013
Marylanders received more than $1.3 billion in relief from the National Mortgage Settlement during a 12-month period, Attorney General Douglas F. Gansler announced Tuesday. That assistance went to nearly 17,000 mortgage borrowers between March 1, 2012 and March 31, 2013, Gansler said. The total amount allocated so far is $400 million more than the original estimate of the settlement's total financial relief. Plus, the relief amount announced Tuesday does not include one-time cash payments that will soon be made to borrowers who lost their homes to foreclosure in the period from 2008 through 2011 and whose mortgages were serviced by one of the five settling banks, Gansler said.
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NEWS
July 16, 1995
State agency offering low-interest mortgagesThe Maryland Department of Housing and Community Development's Maryland Mortgage Program is offering low-interest, fixed-rate mortgages to first-time homebuyers.The program has $33 million in tax-exempt, single-family bonds to issue as mortgages to families seeking to buy a home.To be eligible for the loans, families must have a signed sales contract on a home before contacting a participating lending institution. Contracts must be contingent upon receiving financing through the Maryland Mortgage Program.
EXPLORE
August 18, 2012
The Board of County Commissioners last week approved enrollment in the Maryland Department of Housing and Community Development's "On Behalf of Local Governments" housing program, designed to aid first-time home buyers. The initiative is a state bond issue used to promote home ownership. The program offers local governments opportunities to partner with the state to either provide mortgage financing for first-time buyers or to help revitalize older communities. A total of $5,609,891 in bond authorization has been allocated to the Department of Housing and Community Development for the program, which is dubbed Maryland Mortgage.
BUSINESS
By Robert Nusgart and Robert Nusgart,SUN STAFF | April 26, 2000
The Maryland Department of Housing and Community Development announced a loan program yesterday that will make it easier for low- and moderate-income homebuyers to afford a down payment and settlement costs. The Downpayment and Settlement Expense Loan Program will allow eligible buyers to apply for a no-interest loan of up to $5,000, with repayment deferred until either the first mortgage is paid off or the home is sold. Settlement Expense Loan Programs, known as SELP, are funded through the issuance of state bonds and have been used by the city and counties to help individuals who lack the money to cover closing costs.
NEWS
September 12, 1990
Anne Arundel County's new Mortgage Assistance Program is now in place to help income-eligible first-time homebuyers qualify for low-interest mortgages.The program is financed through the $500,000 Affordable Housing Trust Fund created by County Executive O. James Lighthizer to remove obstacles to first home-ownership.The county's Mortgage Assistance Program will work in conjunction with the state of Maryland Mortgage Program as administered by the Maryland Department of Housing and Community Development.
EXPLORE
August 18, 2012
The Board of County Commissioners last week approved enrollment in the Maryland Department of Housing and Community Development's "On Behalf of Local Governments" housing program, designed to aid first-time home buyers. The initiative is a state bond issue used to promote home ownership. The program offers local governments opportunities to partner with the state to either provide mortgage financing for first-time buyers or to help revitalize older communities. A total of $5,609,891 in bond authorization has been allocated to the Department of Housing and Community Development for the program, which is dubbed Maryland Mortgage.
BUSINESS
April 10, 2005
Resale contracts rose 2.2 percent in February Contracts to buy previously owned homes rose in February, according to a new National Association of Realtors index. The index of signed purchase agreements increased 2.2 percent during the month to 123.2, after falling to 120.6 in January. That compares with a 9.4 percent increase in February contracts for new houses, reported by the Commerce Department. The sales gains suggest homebuyers may be rushing to make purchases ahead of increasing mortgage rates.
NEWS
By Ivan Penn and Ivan Penn,Staff Writer | December 2, 1993
Howard County residents seeking their first homes can obtain low-interest mortgage loans through a state program offering $3.3 million to eligible county homebuyers.The Maryland Department of Housing and Community Development is offering a total of $78 million in mortgage loan assistance to residents in 21 counties and Baltimore City, in a program financed by tax-exempt revenue bonds.To qualify for a Maryland Mortgage Program, fixed-rate mortgage loan, individuals may earn up to $37,000 a year and families may earn up to $47,000 a year.
BUSINESS
By Robert Nusgart and Robert Nusgart,SUN STAFF | October 24, 2001
The state announced yesterday a $40 million program to offer qualifying families 4 percent mortgages if they purchase homes in neighborhoods that have applied to the Community Legacy Program. Gov. Parris N. Glendening outlined the initiative - called "40 at 4" - in addition to announcing that the Live Near Your Work program, which provides $3,000 toward down payment and settlement costs, is being expanded to include state employees. The governor also announced the creation of a task force to develop Smart Growth strategies to aid working families in purchasing homes.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 3, 2012
Maryland is offering a new mortgage program that gives discounts to military families and veterans. The "Maryland Homefront" loans, announced Tuesday, are part of the state's Maryland Mortgage Program. The loans — available through June of next year or until the $50 million reserved for them is used up — will come with an interest rate that's half a percent lower than the Maryland Mortgage Program's overall rate. That's a savings of about $840 a year on a $250,000 home, the state said.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | May 16, 2012
The share of Maryland homeowners newly behind on mortgage payments fell to the lowest level for March in four years — an important milestone because the state's new-delinquency figure is now better than its pre-crisis average. Just under 3 percent of Maryland homeowners with a mortgage were one payment behind at the end of March, the Mortgage Bankers Association said Wednesday. The average was just over 3 percent between 1979, when the trade group's quarterly survey began, and 2006, before the mortgage and financial meltdowns that pushed the country into recession.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 5, 2011
Help still is available for Marylanders at risk of losing their homes because they lost a job, their pay was cut or earnings reduced because of an illness. But time is running out. Homeowners facing foreclosure on their primary residence must get their applications into the state before 4 p.m. Sept. 16 to receive an interest-free, forgivable loan worth up to $50,000. The money is intended to help delinquent homeowners get current on housing payments and assist with future mortgage bills for as long as two years.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | November 18, 2010
The number of Maryland homeowners behind on their mortgage payments dropped during the summer in the first year-over-year improvement since 2006, before the foreclosure crisis hit. That would be a heartening change if the trend continues. But the Mortgage Bankers Association, which released the statistics Thursday, warned that significant declines are unlikely soon, because unemployment rates locally and nationally are still stubbornly high. "We are getting some private-sector job growth, but it's still fairly anemic," said Michael Fratantoni, vice president of research and economics for the Washington-based trade group.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | August 26, 2010
Fewer Maryland homeowners were behind on their mortgages or on the brink of foreclosure this spring, a welcome improvement but one that faces strong headwinds from an uncertain economy. Since the second quarter, when the number of troubled borrowers declined here and nationwide, a steady flow of dreary economic news has stoked fears of a double-dip recession. U.S. employers cut jobs in July, and Americans pulled back on home purchases in a big way — meaning that more homeowners could be holding on by their fingertips, facing a loss of income and less opportunity to find a buyer to avoid foreclosure.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | June 6, 2010
Prospective home buyers turn to real estate agents and loan officers when they want new homes. They rarely hire a lawyer. Diane Cipollone is trying to change that. Cipollone, an attorney with the nonprofit law firm Civil Justice Inc. in Baltimore, has worked with scores of homeowners in danger of foreclosure, and she's convinced that many could have avoided trouble by consulting with an attorney before buying their home or refinancing their loan. No one walked them through the financial implications or pointed out booby traps in the mortgage documents — until it was too late.
BUSINESS
April 10, 2005
Resale contracts rose 2.2 percent in February Contracts to buy previously owned homes rose in February, according to a new National Association of Realtors index. The index of signed purchase agreements increased 2.2 percent during the month to 123.2, after falling to 120.6 in January. That compares with a 9.4 percent increase in February contracts for new houses, reported by the Commerce Department. The sales gains suggest homebuyers may be rushing to make purchases ahead of increasing mortgage rates.
BUSINESS
By Robert Nusgart and Robert Nusgart,SUN STAFF | October 24, 2001
The state announced yesterday a $40 million program to offer qualifying families 4 percent mortgages if they purchase homes in neighborhoods that have applied to the Community Legacy Program. Gov. Parris N. Glendening outlined the initiative - called "40 at 4" - in addition to announcing that the Live Near Your Work program, which provides $3,000 toward down payment and settlement costs, is being expanded to include state employees. The governor also announced the creation of a task force to develop Smart Growth strategies to aid working families in purchasing homes.
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