CUMBERLAND — The Maryland Department of Housing and Community Development’s Maryland Mortgage Program reached a record $1 billion in reservations for the program in 2019, representing more than 4,000 homebuyers. That is a 12-month period high for the history of the program.
The Maryland Mortgage Program provides fixed-rate mortgages that come with downpayment and closing cost assistance, tax incentives and student debt relief available through the Maryland SmartBuy initiative.
The program’s attractive interest rates helped drive demand for the record-breaking year. The business development team has helped grow the program from 80 participating lenders last year to 118 lenders. A partnership with the state association, Maryland REALTORS, as well as local associations statewide has resulted in a greater awareness of the program among homebuyers.
The Maryland Mortgage Program has been the state’s flagship homeownership program for more than 35 years. For more information, visit http://mmp.maryland.gov.