The state of Maryland recently announced some very low interest rates in order to help the struggling housing market. Personally, I think this is a great program that will help boost home sales. The basics of the program are as follows:
- 30 Year No Point Fixed Rate Mortgages
- Low Interest Rates
- Fixed Rates Only – no ARMs
- Downpayment and Closing Cost Assistance – defer up to $5,000 of your down payment and closing costs
Download a copy of the Maryland Mortgage Partners Low Interest Mortgage and Downpayment Assistance Kit for all lending parameters and disclosures.
Right now, the program includes a 0 Point, 30 Year Fixed option at 3.0%. This mortgage rate is simply unheard of, and could yield a savings of about $200 per month on a $300,000 home*. There are some limitations on income, and currently the program is only for First Time Homebuyers. Also, the 3.0% interest rate is for homes that are short sales or foreclosures; other homes are subject to a 3.5% interest rate (also a great option!). The home must have a home inspection, which is subject to lender review.
If you’d like to purchase a home in Maryland, and are looking for down payment solutions and low interest rates, contact Maryland Mortgage Program Partner Liz Angel of Wells Fargo Home Mortgage today. Liz has been helping my Buyers find mortgage solutions for more than 15 years.
*View the Fact Sheet about this program for complete details.-Tim McIntyre, Realtor Howard County, Carroll County, Baltimore County For more information about Maryland Mortgage Partners – 30 Year Fixed Rates as Low as 3% for First Time Homebuyers, fill out the form below. We're happy to answer your questions! [contact-form-7 404 "Not Found"]
Maryland Mortgage Partners – 30 Year Fixed Rates as Low as 3% for First Time Homebuyers 2011-09-21 16:30:13
Tim McIntyre, GRI, Ellicott City Realtor, Catonsville Realtor
Helping Clients Buy, Sell and Invest in Howard County, Carroll County and Baltimore County for more than 25 years.