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Md. launches mortgage-discount program for military

Maryland is offering a new mortgage program that gives discounts to military families and veterans.

The "Maryland Homefront" loans, announced Tuesday, are part of the state's Maryland Mortgage Program. The loans — available through June of next year or until the $50 million reserved for them is used up — will come with an interest rate that's half a percent lower than the Maryland Mortgage Program's overall rate. That's a savings of about $840 a year on a $250,000 home, the state said.

Borrowers will also be eligible for $10,000 in down payment and closing-cost assistance, the state said. Information: http://www.mmprogram.org.



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