July 8, 2010 - Military workers moving to Maryland as part of a Department of Defense relocating effort will be offered mortgage assistance.
After a five year wait, the Base Realignment and Closure process in Maryland is coming to fruition, meaning that thousands of military workers will be moving to the area in the coming months and years. Some of those workers could be eligible to receive state assistance and lower mortgage rates, announced Lieutenant Governor Anthony Brown.
Maryland has set aside $100 million in mortgage assistance funds and will cut the rate on state-provided home loans to 4.5 percent, an all-time low, said Brown.
"With this new initiative, we are rolling out the red carpet to welcome these new families to Maryland by providing access to affordable homeownership opportunities through the state's low-interest, fixed-rate mortgages," he said.
Homes in ten Maryland counties will be eligible for the state assistance, including Anne Arundel, Baltimore, Baltimore City, Carroll, Cecil, Frederick, Harford, Howard, Montgomery and Prince George's. The state's Department of Housing and Community Development expects to provide about 625 mortgages.
The Maryland Mortgage Program has been in existence for 30 years and provides affordable loans through over 50 private lenders across the state, said the DHCD.
So, contact Lisa Longest, Exit Gold Realty to help you find a home that qualifies for this assistance.
Friday, July 9, 2010
Thursday, July 1, 2010
The treasury and mortgage markets have been on a steady climb as of late. There continue to be signs that the economic recovery and housing, in particular, have hit some bumps in the road. Home sales in May were very disappointing after big gains were seen in March and April as a result of the home buyer tax credit. Some housing analysts are predicting further dips in home prices ahead. European woes and reported slowing growth in China have added to the strength of the treasury market. If you have any questions or concerns for our local market in Queen Anne County or surrounding counties, feel free to contact me.