People residing in Maryland are lucky to have a state government dedicated to helping homeowners in whatever issues they face and improving their lives. With the Maryland Department of Housing and Community Development (DHCD), residents are assured of assistance particularly when it comes to their housing needs. Whether they’re buying a home for the first time, improving their homes or looking for affordable rental housing, the DHCD is ready to help.
A proof that the Maryland state government is committed to providing its residents quality life is the recent announcement by the Department of Housing and Urban Development of a $40 million grant in emergency loans to help homeowners experiencing difficulty in paying their mortgages and on the verge of foreclosure. It’s a fact that not all people who own residential properties are able to keep up with their mortgages. Due to various economic factors, some are falling behind in their payments and facing foreclosure.
Fortunately, there is the Emergency Mortgage Assistance Program being offered in the state. This aims to provide up to $50,000 in bridge loan to help eligible homeowners with issues such as delinquent taxes, arrears and insurance. Application for this emergency assistance will start in December. Check out we buy houses for cash maryland for more info.
First-time homebuyers should also feel confident about moving to the state or investing in residential properties in the Maryland area. Under the Mortgage program’s Downpayment and Settlement Expense Loan Program and partner match program, they can get assistance in their downpayment and closing costs requirements up to $5,000. Although there are certain requirements that have to be met particularly for those planning to buy properties in Baltimore or Harford County, local officials strongly believe it’s still an ideal time to buy a home in the state today. Among the factors to consider are the low interest rates, government assistance in downpayment and settlement costs and the current record low home prices.
Maryland has recently reduced its interest rate on its mortgage program loans. This has been done for the second time in several months.
In addition, people employed by the military department can also avail of a program offered by the Department of Housing and Community Development (DHCD). Known as the Base Realignment and Closure Process (BRAC) Match program, it enables eligible families of civilian and military employees under the federal defense agencies to receive downpayment and closing cost assistance in the amount of $2,500. This is meant for those relocating to Maryland specifically in the areas of Anne Arundel, Baltimore, Carroll, Cecil, Frederick, Harford, Howard, Montgomery, Prince George’s Counties and Baltimore City and this can even be combined with the downpayment and settlement expense loan program.