Lt. Governor Brown, DHCD Announce New Homeownership Incentives for Veterans and Military Families
“Maryland Homefront” Program Benefits Active and Non-Active Military and Families
UPPER MARLBORO, Md. (July 3, 2012) – Today, Lt. Governor Anthony G. Brown joined Congresswoman Donna Edwards, Department of Housing and Community Development (DHCD) Secretary Raymond Skinner and other officials at a home for sale in Prince George’s County to announce a new Maryland Mortgage Program (MMP) initiative to benefit veterans and military families. Maryland Homefront: the Veterans and Military Family Mortgage Program gives qualified current and former military members a discounted mortgage interest.
“As we prepare to celebrate Independence Day, a time to be thankful for our freedom, we must also demonstrate our gratitude to the brave men and women who make that freedom possible,” said Lt. Governor Brown, a Colonel in the U.S. Army Reserves and the nation’s highest-ranking elected official to have served a tour of duty in Iraq. “Our Veterans have made an incredible sacrifice in leaving their families to serve on our behalf. Through Maryland Homefront, we can help repay that debt by ensuring that they and their families have access to secure, affordable housing opportunities.”
“It is fitting that we take time before Independence Day to announce a new initiative to benefit our veterans and their families,” said Congresswoman Edwards. “It is our responsibility to match their efforts with equal dedication to ensure they receive the essential health care, training, education, and housing services upon their return. Maryland Homefront is an important step in that direction, guaranteeing that veterans have access to the affordable housing that they and their families deserve.”
The MMP offers a variety of low-interest, fixed-rate mortgage loan options with down payment and closing cost assistance, primarily for first-time homebuyers. Maryland Homefront is a $50 million initiative that offers half a percent rate discount off the regular MMP rate for loans reserved up to June 30, 2013 or until the program funds have been expended. A service member purchasing a home today worth $250,000 would save approximately $840 a year on mortgage payments. Purchasers in targeted areas and qualified veterans do not have to be first time homebuyers.
In addition, all qualified borrowers under this initiative are eligible to receive $10,000 for down payment and closing cost assistance through the Maryland Department of Housing and Community Development’s Down Payment and Settlement Expense Loan Program. Borrowers who qualify for a Maryland Mortgage Program loan can receive additional funds if their employers participate in the House Keys 4 Employees Program or their home purchase is covered by the Community Partners Incentive Program.
“The Maryland Department of Housing and Community Development has always been committed to helping qualified buyers make that important investment in homeownership,” said DHCD Secretary Raymond A. Skinner. “Our veteran and military families are a good example of the kind of consumer that would most benefit from the homeownership opportunities we provide through the Maryland Mortgage Program.”
Under the leadership of Governor O’Malley and Lt. Governor Brown, Maryland has become a national leader in protecting homeowners. Since launching the HOPE Hotline in 2007, they have helped an estimated 18,000 Maryland homeowners avoid foreclosure and stay in their homes. Altogether, more than 75,000 families at risk of foreclosure have received assistance through the HOPE Network. This year, the Administration worked with the General Assembly to pass legislation to allow homeowners at risk of foreclosure to meet with their mortgage servicer before a foreclosure is filed, giving them a much greater chance of saving their homes.
Maryland’s flagship mortgage purchase program has been managed by the department’s Community Development Administration for more than 30 years. Program loans are administered by a network of approximately 35 private lending institutions across the state. For more information on the Maryland Mortgage Program, especially details on income and purchase price limits and a map of targeted areas, please visit www.mmprogram.org or contact the Community Development Administration by phone at 410-514-7530 or by e-mail at SingleFamilyHousing@mdhousing.org.
The Maryland Department of Housing and Community Development (DHCD) works with partners to promote affordable housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD and its programs, visit www.mdhousing.org. News updates also are available by following DHCD on Twitter (www.twitter.com/MDHousing) and Facebook (www.facebook.com/marylandhousing).
Lt. Governor Brown leads the O’Malley-Brown Administration’s efforts to provide veterans with better services and resources. Since taking office in 2007, Lt. Governor Brown has championed successful efforts to pass the Veterans Behavioral Health Act, protect veterans’ business loans programs and fully fund the Iraq and Afghanistan Scholarship Program. Last year, the Lt. Governor launched the Mil2FedsJobs web portal, located on the Maryland Workforce Exchange (MWEjobs.maryland.gov), the first of its kind in any state to directly match transitioning service members with careers in the Federal Government.