The Maryland Department of Housing and Community Development's mortgage program will offer low-interest mortgages to income-eligible Maryland home buyers beginning Thursday.
Two interest rates are expected to be provided to qualified applicants. Those with incomes of $31,350 or less will qualify for the lower interest rate and individuals earning up to $41,800 or households up to $49,650 will be eligible for the higher rate.
The maximum purchase price for a newly constructed or existing home under the program is $110,000. Criteria for applying for this loan include:
* Applicants must be first-time home buyers.
* Applicants must have a signed sales contract for a qualifying home before contacting a lending institution.
* Borrowers must make their sales contracts contingent upon receiving financing through the Maryland Mortgage Program.
* The contract of sale also must state that the borrower has at least 75 days from the date of application to obtain loan approval.
The money will be administered through department's Community Development Administration and local governments. In Carroll County, the Bureau of Housing and Community Development will handle loan applications. For information, contact Jean Swartz at 848-9707.