If you’re in the military and still in the market for a new home, the incentives to make that purchase just keep piling up. For most of us, the time to sign a contract on a new home and receive the homebuyer tax-credit has come and gone. But for those qualified service members who have been ordered on a period of official extended duty still have almost another year to find that perfect home and cash in on up to an $8,000 tax credit.
And now Maryland has announced a its own homeownership incentives aimed at providing a much needed relief to Maryland’s housing market and protecting home values in BRAC-impacted areas. This new initiative, the Maryland Mortgage Program (MMP), includes $100 million put aside for mortgage loans to Maryland homebuyers in the 10 counties that will be most impacted by the U.S. Military’s Base Realignment and Closure (BRAC), a historically low and competitive mortgage rate of 4.5%, and an assortment of down payment and closing cost assistance. Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner explains, “The combination of lower rates and the $100 million BRAC set aside, as well as the associated down payment and closing cost assistance options available to borrowers, positions the Maryland Mortgage Program as a great option for BRAC families and all potential homebuyers in Maryland.”
• BRAC is the single largest source of economic growth in Maryland since the end of World War II, and is expected to bring nearly 24,000 new households to Maryland by 2015.
For over 30 years, MMP has provided Maryland’s families with dependable and flexible mortgage loans and now its focus is on welcoming military families relocating to Maryland for BRAC. Visit the Maryland Mortgage Program website to learn more about these new homeownership incentives.