Maryland has launched a new mortgage program offering lower interest rates and down payment assistance to first-time homebuyers who work as first responders or teachers. Applications for the new program are now open.
The First Homes for First Responders and Teachers program offers eligible buyers a 30-year fixed-rate mortgage with an interest rate 0.5 percentage points below the standard Maryland Mortgage Program First Time Advantage 5% loan.
Buyers can also receive assistance equal to 5% of the first mortgage for down payment and closing costs through a 0% interest, deferred second loan.
The program covers a range of public safety professionals, including firefighters, EMTs, paramedics, police officers, rescue squad members, sworn members of the Office of the State Fire Marshal, and 9-1-1 specialists. Full-time certified classroom teachers and school counselors serving pre-K through grade 12 can also qualify.
Applicants must meet Maryland Mortgage Program requirements, including applicable income, credit score, and purchase price limits, and complete an approved homebuyer education course. Eligible employees moving to Maryland can also apply with a signed, non-contingent offer for a qualifying job in the state.
Governor Wes Moore announced the program during a September 4 visit to Baltimore County, where he met with first responders to discuss housing needs. The program has $50 million available for first mortgages.
The program could provide another recruitment and retention tool for county governments and other local employers competing for teachers, police officers, firefighters, emergency medical personnel, and 9-1-1 specialists.
Visit the Maryland Mortgage Program website for more information on eligibility, loan requirements, and participating lenders.
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Maryland Mortgage Program: First Homes for First Responders and Teachers
