ANNAPOLIS, Md. (WJZ) — Governor Larry Hogan announced Monday that the Maryland Department of Housing and Community Development’s Maryland Mortgage Program reached a 12-month high of $1 billion in reservations in 2019.
The Maryland Mortgage Program provides fixed-rate mortgages that come with down payment and closing cost assistance, tax incentives and student debt relief available through Maryland’s SmartBuy intiative, officials said.
“Homeownership is the backbone of strong communities,” said Governor Hogan. “Our administration has been focused on growing this program to ensure more young people and hardworking families are able to put down roots in the great State of Maryland.”
Factors for the program’s success includes attractive interest rates, product changes, improvements to operations and an aggressive marketing strategy, according to the release.
“We have dramatically increased production, meaning more residents are using these great benefits to secure a future here in Maryland,” said Secretary Kenneth C. Holt. “The majority of the Maryland Mortgage Program’s resources come from the sale of bonds, not the state’s budget, so this highly successful program is funded and managed with virtually no cost to Maryland’s taxpayers.”
Officials said the program has provided over $2.8 billion in mortgages to more than 13,000 Marylanders and eliminated more than $11 million in student debt for first-time homebuyers.
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Written By WJZ Apprentice Ju’waun Morgan