State agency offering low-interest mortgages
The Maryland Department of Housing and Community Development's Maryland Mortgage Program is offering low-interest, fixed-rate mortgages to first-time homebuyers.
The program has $33 million in tax-exempt, single-family bonds to issue as mortgages to families seeking to buy a home.
To be eligible for the loans, families must have a signed sales contract on a home before contacting a participating lending institution. Contracts must be contingent upon receiving financing through the Maryland Mortgage Program.
Interest rates are fixed at 6.875 percent for those earning not more than $31,350 annually and 7.125 percent for those with a maximum income of $41,800 for an individual and $49,650 for a family.
The loans are for 30 years, and a percentage of the household income is required in cash. The maximum purchase price of a house in Carroll County cannot exceed $110,000.
Participating lenders in Carroll County include:
* Carroll County Bank and Trust Company, 857-3441.
* CitizensBanc Mortgage Corp., 840-7330.
* Loyola Federal Savings and Loan Association, 840-8926.
* Mercantile Mortgage Corp., 840-9638.
* Taneytown Bank & Trust Co., 857-1144.
For details, call the Maryland Department of Housing and Community Development's Homeownership Programs office at (800) 638-7781.