Footage from police shooting shows threat to kids, decision to use lethal force

State extends home loan program for veterans

The Maryland Department of Housing and Community Development said Tuesday it will extend for the long-term a program that offers reduced mortgage rates for veterans and active-duty military, while scaling back the initial incentive.

The new "Maryland Homefront" loans will carry interest rates a quarter of a percent lower than those offered under Maryland Mortgage Program, or about 3.75 percent. That's half the discount of the first Homefront loans announced just before July 4 two years ago.

At the time, the state had reserved $50 million for the incentive. The new structure reflects increased interest rates in the market as a whole, as well as an effort to make the program ongoing, said Bill Ariano, deputy director for the DHCD division of finance.

"We developed a program that is sustainable," he said. "The discount is not as deep but it is still a significant difference."

A total of 161 veterans and military families have participated in the program since 2012, according to the state. Homefront borrowers are also eligible for a federal tax credit and other forms of assistance.

Copyright © 2017, The Baltimore Sun, a Baltimore Sun Media Group publication | Place an Ad