Cumberland Times-News

Local News

August 2, 2013

Commissioners approve issuance of state bonds to support mortgage program

Variety of low-interest, fixed-rate loan options available in county

CUMBERLAND  — A state-supported mortgage program could benefit many Allegany County home buyers, and county commissioners approved the issuance of more than $2.5 million in tax-exempt state bonds to support the program.

“The nice thing is that the income limits are very high,” said David Nedved, an economic community development representative with the county. The income limit for a one- or two-person family is $107,160 with an increase up to $125,000 for a family of three or more, Nedved said. The maximum cost for a home is $289,470, Nedved said.

The county’s program will be administered by the Maryland Community Development Ad-ministration, Nedved said. Since Allegany County is a targeted community because of economic conditions, individuals do not have to be first-time home buyers to qualify for the low-interest loans, which range from 2 percent to 5.5 percent.

The program does not cost the county any money.

The program offers a variety of low-interest, fixed-rate mortgage loan options with downpayment and closing cost assistance. Purchasers in the targeted areas are eligible for a one-time exemption to the first-time home buyer requirement.

Commissioners also heard a presentation on the new county Department of Economic & Community Development website. The site combines new features that make it easier to find information and make contact with county officials.

“It’s important for website owners to give a fresh and new look to their website every few years,” said Jason Willetts of Willetts Systems, who designed the site for the county. The new site will more easily be indexed by search engines, leading to more visits by computer users. The site is also mobile phone friendly, which is important because one in five searches is now done from people’s phones, Willetts said.

In other action, commissioners appointed John Persons of Cumberland to the Allegany County Library System Board of Trustees.

The commission meeting took place Thursday at county offices on Kelly Road.

More on the mortgage program, including a list of lenders, is available at www.mmprogram.org/.

The new Department of Economic & Community development website is www.alleganyworks.org/.

Contact Matthew Bieniek at mbieniek@times-news.com

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