The Maryland Department of Housing and Community Development has announced the availability of $34.7 million in low-interest mortgage loans to limited-income homebuyers through the Community Development Administration.
The 30-year loans carry a 6.75 percent interest rate, one of the lowest in the program's history.
"This money from tax-exempt mortgage revenue bonds wasn't moving because of the interest rate, so we lowered it," said Mary Carr, administrator of mortgage purchase for CDA.
"We also raised the income and purchase price limits, and we're hoping people will take advantage of the money."
Ms. Carr said CDA raised the income limit from $42,750 to a flat $50,300, with no breakdowns according to family size. Previously, the income limit was adjusted according to the number of members in the family.
CDA also raised the purchase price of an eligible home from $85,000 to $127,500 for properties in urban and suburban areas and from $80,000 to $95,000 for rural areas.
"With the [home] prices higher, hopefully people in Carroll County will be able to get something," Ms. Carr said.
For purposes of this program, Carroll is considered a suburban area.
Additionally, $7 million of the $34.7 million has been set aside for second-time buyers or those within the income limit buying a home above the purchase price maximum, such as a divorced person, Ms. Carr said. The loans were previously limited to first-time homebuyers.
"This is a fabulous opportunity for anyone who has been holding off on buying a home," Gov. William Donald Schaefer said. "These are special
terms and conditions which the state may never be able to offer again."
The statewide loans are open to Maryland residents on a first-come, first-served basis until the money runs out, Ms. Carr said. The loans were made available as of Aug. 16.
Properties eligible for the program include single-family homes, semi-detached houses, townhouses and condominiums. Co-ops and mobile homes do not qualify for the loans.
"The homebuyer has to find a house, get a contract, then go to the participating lender, who processes the application and faxes it to us," Ms. Carr said. "Most of the lenders are very helpful and have worked with CDA before, so they know the program."
For a brochure on the program or complete list of participating lenders, call (410) 514-7514 or (800) 638-7781.
LOW-INTEREST LENDERS IN CARROLL
The following is a list of lenders, a contact person and phone number, who are servicing the Carroll County area for low-interest loans available through the Community Development Administration of the Maryland Department of Housing and Community Development.
* American Home Funding Inc. -- Leo Dunn, 220-1600.
* Atlantic Home Mortgage Corp. -- Tom Conley, 761-8200.
* Atlantic Residential Mortgage Corp. -- Dave Mochinal, 832-1900.
* Banc One Mortgage Corp. -- Phil Bloomfield, 897-3916.
* Capitol Mortgage Bankers Inc. -- Dick Bell, 296-5660.
* Carroll County Bank and Trust Co. -- Patsy K. Green, 876-2200.
* Centrust Mortgage Corp. -- John Shea, 627-7304.
* Developers Mortgage Corp. -- Maryellen Little, 921-4171.
* Eastern Shore Mortgage Corp. -- William Duvall, 266-6400.
* Fairfax Mortgage Corp. -- Pam Capps, 298-1300.
* First Advantage Mortgage Corp. -- Terese Adams, 544-5800.
* First National Bank of Maryland -- Elizabeth Millstein, 787-6274.
* First National Mortgage Corp. -- David Baca, 787-6205.
* First Virginia Mortgage Co. -- Dona Boone, 667-2224.
* Fleet Real Estate Funding Corp. -- Dawn Dickinson, 821-3343.
* GMAC Mortgage Corp. of Pa. -- John Lloyd, 296-0400.
* Huntington Mortgage Co. -- Mike Bennett, 258-5091.
* ICM Mortgage Corp. -- Bill Heffernan, 296-1370.
* Independence One Mortgage Corp. -- Brian Foss, 266-7911.
* James Madison Mortgage Corp. -- Kathy Daubert, 694-3222.
* Liberty National Mortgage Corp. -- Al Bryant, 449-3369.
* Loyola Federal Savings and Loan Association -- Andre Johnson, 719-8794.
* Margaretten & Co. Inc. -- Chris Neiberlein, 992-6660.
* Maryland National Mortgage Corp. -- Michele Arcilesi, 828-5200.
* Mercantile Mortgage Corp. -- Robin Frazier, 876-2112.
* National City Mortgage Corp. -- Rob Carney, 662-6392.
* NCNB Mortgage Corp. -- Darlene Castle, 363-4416.
* Norwest Mortgage Inc. -- Bill Teal, 821-7171.
* NVR Mortgage, L.P. -- Paul Cunningham, 428-3000.
* PaineWebber Mortgage Finance Inc. -- Gene Lugat, 321-6300.
* Provident Bank of Maryland -- Norval H. King III, 576-4365.
* Ryland Mortgage Corp. -- Tom Soltice, 296-0122.
* Sears Mortgage Corp. -- John Lloyd, 494-0567.
* Second National Federal Savings -- Jan Tedesco, 820-7202.
* Signet Mortgage Corp. -- Al Wheeler, 742-0188.
* Source One Mortgage Corp. -- John C. Watts, 661-1021.
* Sovran Mortgage Corp. -- Monica F. Daniels -- 995-0464.
* Standard Federal Savings Bank -- Margaret Long, 840-8650.
* Taneytown Bank and Trust Co. -- Linda S. Warehime, 857-1144.
* Trustbank Savings FSB -- Debbie Brothers, 583-8080.
* Union Federal/Waterfield Financial -- Ralph Massella, 924-5560.
* Weyerhaeuser Mortgage Co. -- Dave Ratti, 296-0099.