Veterans and Military Family Mortgage Program - Maryland

By
Education & Training with Retired Real Estate Broker, Maryland Blogger
http://actvra.in/H2n

Veterans and Military Family Mortgage Program - Maryland

FACT SHEET

PURPOSE: To help current and former military homebuyers to purchase a home by offering a lower-

than-market interest rate and additional downpayment and closing cost assistance.

DURATION: Starting 7/3/2012, the program will continue until 6/30/2013 or until the $50 million of allocated program funds have been committed.

DOWNPAYMENT AND CLOSING COST ASSISTANCE:

$10,000 of assistance from the CDA Downpayment and Settlement Expense Loan Program (DSELP). This can be combined with funds from applicable CDA Partner Match programs and assistance from local jurisdictions.

LOCATION: Anywhere in the State of Maryland.

INTEREST RATES:

o In Non-Targeted Areas:

 The interest rate will be one-half of a percent (.50%) below the prevailing Maryland Mortgage Program (MMP) non-targeted interest rate. Rates are updated daily on the MMP website at http://www.mmprogram.org/rates.aspx.

o In Targeted Areas:

 The interest rate will be 2.875% (APR 3.675%) until the $30M Targeted Areas Initiative funds are expended; after that it will be a half of a percent (.50%) below the prevailing MMP rate.

ELIGIBLE MD HOMEFRONT BORROWERS:

o The program is open to active duty military (including Reserves and National Guard) or honorably discharged veterans. Active duty status will be documented by submission of a current Leave and Earnings Statement (LES) and confirmed through the Department of Defense Manpower Data Center site (https://www.dmdc.osd.mil/appj/scra/scraHome.do). Veteran status will be confirmed by submission of a Certificate of Release or Discharge From Active Duty form (DD-214). Qualification for a VA loan is not required.

o Must qualify for a CDA loan according to the Maryland Mortgage Program (MMP) requirements, i.e. credit score, income limitations, etc. All borrowers must take approved homebuyer education and utilize an approved lender. For more information on general MMP requirements, click on MMP or browse the MMP website at www.mmprogram.org.

FIRST TIME HOMEBUYER REQUIREMENT:

While CDA loans generally are limited to first-time homebuyers, the requirement is waived if:

o Borrower is purchasing in a targeted area;

o It has been more than three years since borrower has owned a principal residence; or

o Borrower is an honorably discharged veteran who has not previously used the exemption. This is in accordance with the Heroes Earnings Assistance and Relief Tax Act of 2008, as amended. A DD-214 form must be submitted to document veteran status, and a Veteran First Time Homebuyer Exemption form (Attachment V) must be completed.

This blog was provided by the Maryland Association of REALTORS.

 

Jethro Tull Coreopsis, Kentlands, Spring Flowers IMG_0925

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

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Roy and Dolores Kelley Photographs

Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 



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Ambassador
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Debbie Reynolds
Your Dedicated Clarksville TN Real Estate Agent
Prudential PenFed Realty, "The Real Debbie Reynolds" Your Clarksville Real Estate Professional, 931-920-6730

Roy, This is a great program for the veterans and we have one similar in Tennessee called Affordable Home.

August 29, 2012 04:46 PM
Rainmaker
348,354
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana

This is great information, Roy and I am sure your area has a lot of verterans living there.  Great program to help those who have served our nation!

August 29, 2012 05:39 PM
Ambassador
1,088,791
Joni Staples
Your Huntsville / Lake Livingston Area REALTOR®
Berkshire Hathaway Home Services - Anderson Properties
This is fabulous!! I am all for assisting our soldiers. Past and present.
August 29, 2012 06:40 PM
Rainmaker
839,534
Joshua Zargari
MJ Decorators Workshop
MJ Decorators Workshop LI staging and home decorating

Good morning Roy.

It is a great program.

August 30, 2012 01:59 AM
Rainmaker
1,885,423
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

Thanks so much for your comments.  It is always good to hear from you.


Have a wonderful holiday weekend.


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Photograph by Dolores Kelley using a Canon PowerShot S90 Camera. 

Roy and Dolores Kelley Photographs

August 30, 2012 05:32 AM
Rainmaker
528,891
David Burrows
No Pressure, Just Seriously Devoted to Real Estate
Classic Realty

Roy, this is a wonderful program and I agree with others, we cannot do enough for our soldiers.

August 30, 2012 01:13 PM
Rainmaker
1,308,434
Ron & Alexandra Seigel
Luxury Real Estate Marketing
ra@napaconsultants.com

Roy,

I concur with all the comments.  It is the least we can do for our military.  All the best, A

August 30, 2012 02:45 PM
Rainmaker
1,141,847
John Pusa
Your All Time Realtor With Exceptional Service
Sellstate Pacific Realty

Hello Roy, Thanks for the detailed information about Veterans and Military family mortgage program, Maryland.

August 30, 2012 02:55 PM
Rainmaker
1,885,423
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

Your comments are very much appreciated.  Many families will be assisted by this special financing.


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Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

August 30, 2012 03:21 PM
Rainmaker
868,450
Joe Petrowsky
Your Mortgage Consultant for Life
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709

What our veterans have done for our country can't be under estimated enough. The have earned the right!

August 31, 2012 04:30 AM
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