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By Jamie Smith Hopkins, The Baltimore Sun | July 8, 2010
A state mortgage program aimed primarily at first-time buyers is lowering its interest rate and setting aside $100 million to lure people relocating as part of the military's base realignment and closure initiative. Officials want to help those buyers and aid the region's still-struggling housing market at the same time. Thousands of federal workers and contractors are moving to take jobs at Aberdeen Proving Ground, Fort Meade or one of several other installations in Maryland as part of the base changes, known as BRAC.
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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.
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BUSINESS
By Staff Report | January 16, 1994
A local housing advocacy group has joined forces with NationsBank to offer a mortgage program for low- and moderate-income families.The Association of Community Organizations for Reform Now, or ACORN, announced the program last week at a news conference.The program, for first-time home buyers, shaves one percentage point off the market rate for a mortgage and allows buyers to pay no more than one point at closing, said ACORN representative Angela Davis. The program requires a 5 percent downpayment, said Ms. Davis, who will screen applicants through ACORN's loan counseling program.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 31, 2011
A string of terrible luck brought Deborah Goldring to the brink of foreclosure. Her husband died. All their savings were exhausted paying down bills from his long illness. Then she lost her job. But just as the Baltimore woman's lender notified her that her time had nearly run out, a new federally funded program was launched to help homeowners like her. Now Goldring is about to close on a no-interest loan that will allow her to catch up on her mortgage and that will cover a large chunk of her monthly payments while she looks for work.
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 Michael Dresser and Michael Dresser,SUN STAFF | April 30, 2003
Pledging to increase the state's homeownership rate, the Ehrlich administration cut the interest rate charged under a state-sponsored mortgage program to 4.75 percent yesterday. The lower interest rate - charged on 30-year mortgages - is one of several changes the Department of Housing and Community Development is making to increase the use of a program that helps low- and moderate-income families become homeowners. Borrowers previously paid rates ranging from 5 percent to 5.75 percent under the Maryland Mortgage Program.
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.
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.
NEWS
December 18, 1994
The Maryland Department of Housing and Community Development's mortgage program will offer low-interest mortgages to income-eligible Maryland home buyers beginning Thursday.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 newly constructed or existing home under the program is $110,000.
NEWS
January 22, 1995
Md. housing unit offers low-interest mortgagesThe 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.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 21, 2010
Despite nationally recognized efforts to help residents avoid foreclosure, the state of Maryland has been slow to make mortgage payments more affordable for the struggling homeowners whose loans it owns. Gov. Martin O'Malley and his administration have pressed national loan servicers in recent years to work with homeowners rather than foreclose. But it wasn't until four months ago that the state — which lends money to first-time homebuyers — designed a program to lower monthly mortgage payments to an amount that its borrowers in trouble could afford, The Baltimore Sun has learned.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 8, 2010
A state mortgage program aimed primarily at first-time buyers is lowering its interest rate and setting aside $100 million to lure people relocating as part of the military's base realignment and closure initiative. Officials want to help those buyers and aid the region's still-struggling housing market at the same time. Thousands of federal workers and contractors are moving to take jobs at Aberdeen Proving Ground, Fort Meade or one of several other installations in Maryland as part of the base changes, known as BRAC.
BUSINESS
By Jamie Smith Hopkins and Jamie Smith Hopkins,Sun reporter | August 15, 2007
Here's a mortgage program that's not in trouble. Nearly 4,000 homebuyers turned to the state for their home loans last fiscal year, a record for Maryland's 28-year-old loan program at a time of increasing disarray in the mortgage industry. The state made about $767 million in low-interest loans to buyers, almost all of them purchasing their first home, in the 12 months that ended June 30. That's three-and-a-half times the amount it lent the previous fiscal year - and far above the $269 million record set in the 1995 fiscal year.
BUSINESS
By Jack Naudi and Jack Naudi,KNIGHT RIDDER/TRIBUNE | August 21, 2005
CLARIFICATION Couples who live longer than expected will not see their monthly reverse mortgage payments stop if their housing values decline, thanks to federal insurance built into the cost of the loan that guarantees payments. An article on reverse mortgages Aug. 21 in the Real Estate section about disbursements was unclear. ST. LOUIS - Oliver Dusin, 82, was at his wits' end late last year, staring at a future where he and his 79-year-old wife, Yvonne, would lose their home in Affton, Mo. Inflation had pushed prices to the point that their Social Security and pension couldn't keep up with their expenses.
BUSINESS
By Tamara El-Khoury and Tamara El-Khoury,SUN STAFF | September 12, 2004
Credit card companies and the retail industry have teamed up to enable consumers to earn reward points to pay off car loans, college tuition and, now, home mortgages. Several financial-management and mortgage companies are offering their customers opportunities to earn points redeemable toward paying off their mortgages when they use credit cards. Companies including Citigroup, GMAC Mortgage, Merrill Lynch and MBNA Corp. have announced programs this year aimed at letting consumers earn rebates toward paying off their mortgage principal when they use a particular credit card.
BUSINESS
By Michael Dresser and Michael Dresser,SUN STAFF | April 30, 2003
Pledging to increase the state's homeownership rate, the Ehrlich administration cut the interest rate charged under a state-sponsored mortgage program to 4.75 percent yesterday. The lower interest rate - charged on 30-year mortgages - is one of several changes the Department of Housing and Community Development is making to increase the use of a program that helps low- and moderate-income families become homeowners. Borrowers previously paid rates ranging from 5 percent to 5.75 percent under the Maryland Mortgage Program.
BUSINESS
By Ellen James Martin and Ellen James Martin,Staff Writer | May 6, 1992
WASHINGTON -- Declining homeownership and a lack of low-cost rental housing are undercutting central cities, including Baltimore's, and were among the indirect causes of the recent Los Angeles riots, leaders of the realty and mortgage banking industry said here yesterday.More costly barriers to the federally insured Federal Housing Administration mortgage program -- which became effective last year -- have greatly increased hurdles for low- and middle-income borrowers seeking to buy their own homes, said Stephen B. Ashley, vice president of the Mortgage Bankers Association of America.
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
June 24, 2001
The Maryland Mortgage Program is offering a new Web-based system that will enable participating lenders to increase their efficiency by completing basic tasks online. The Lender Online Loan Reservation System allows lenders to obtain up-to-the-minute information about funds availability, reserve funds and check the status of a loan, and access interest rate changes, manuals and documents. The MMP - the Maryland Department of Housing and Community Development's largest financing program - provides roughly $200 million a year primarily for low- and moderate-income first-time homebuyers.
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