The Carroll County Bureau of Housing and Community Development has information packets available on the Maryland Mortgage Program.
Theprogram enables low- and moderate-income households to purchase homes by providing below-market interest rate mortgage financing through private lending institutions throughout the state.
Financing for the program comes from the sale of tax-exempt revenue bonds and is targeted to first-time homebuyers.
Maximum mortgage amounts and interest rates vary according to eligible incomes as follows:
* Interest rates of 5 percent carry a $20,000 income limit and $60,000 maximum mortgage.
* Interest rates of 7 7/8 percent have a $25,000 income limit and $85,000 maximum mortgage.
* Interestrates of 8 7/8 percent have $30,000 single-person income and $37,500double or more income limit, with $85,000 maximum mortgage.