BRAC movers will receive mortgage assistance
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.
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