New Loan Programs Assist in Revitalizing Communities

The Maryland Department of Housing and Community Development has announced the creation of two new loan programs that assist in the revitalization of Maryland communities burdened with foreclosures and rundown properties. The Acquisition/Rehabilitation Mortgage Program offers eligible homebuyers the opportunity to purchase a single-family, one-unit home as a primary residence and obtain funds for repairs and renovations at the same time.  The Maryland Mortgage Program offers numerous low-interest, fixed-rate mortgage loan options to first-time homebuyers.  DHCD Secretary Skinner stated:

“These programs are open windows of opportunity for families looking to purchase a new home. The Acquisition/Rehabilitation and Homeward Bound programs are new financing solutions with very attractive interest rates that encourage homeownership while revitalizing communities…”

For additional information on the programs, please click the links below:

Acquisition/Rehabilitation Mortgage Program

Maryland Mortgage Program

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