Homebuyers in County Eligible for Significant Rate Reduction, Up to $20,000 in Downpayment Assistance
Hyattsville, MD – November 20, 2014 – (RealEstateRama) — Acting Secretary Clarence Snuggs, Prince George’s County Executive Rushern Baker III and Attorney General Douglas F. Gansler today announced the launch of the Maryland Mortgage Program TriplePlay Initiative in Prince George’s County for potential homebuyers.
This new $100 million mortgage initiative is designed to help stabilize county neighborhoods by promoting homeownership.
Here’s why the initiative is called TriplePlay: First, families looking to buy a home in Prince George’s County through the Maryland Mortgage Program may be eligible for up to $20,000 of downpayment and closing cost assistance. Second, they are eligible for a reduced Maryland Mortgage Program interest rate. Third, the state is waiving its fee to receive the Maryland HomeCredit, which allows homebuyers to claim a federal income tax credit of up to $2,000 for as long as the Maryland Mortgage Program loan is outstanding.
“With its very low interest rates and significant downpayment assistance, the Maryland Mortgage Program is a good deal for homebuyers, a good deal for our state economy and now with the new TriplePlay Initiative, a very good deal for Prince George’s County,” said Acting DHCD Secretary Clarence Snuggs.
The $100 million MMP TriplePlay Initiative in Prince George’s County will help an estimated 500 families own the home of their dreams in the county. It is the result of a unique partnership between the Maryland Department of Housing and Community Development, Prince George’s County and the Office of the Attorney General. Working together, the partners recognized homeownership as the most effective use of a portion of the $10 million that was set aside for Prince George’s County as part of the landmark Mortgage Servicing Settlement between the nation’s attorneys general and the five largest lenders.
“Today we are helping more families secure more homes in a Maryland county that was among the most devastated by unscrupulous mortgage lenders,” said Attorney General Douglas F. Gansler. “With each mortgage-related settlement, our goal has always been to get as much relief and assistance to as many struggling Maryland families as possible. I congratulate Prince George’s County and DHCD for using this money to help more potential homeowners and stabilize the communities that need it the most.”
Through the initiative, all eligible Maryland Mortgage Program borrowers purchasing in Prince George’s County receive a 0.25 percent discount on the regular Maryland Mortgage Program’s already low rates, plus a $10,000 downpayment assistance in the form of an interest-free, deferred loan, good for the life of the loan.
Also, borrowers purchasing in one of 14 county zip codes can receive an additional $10,000 grant for a total of $20,000 of financial assistance. Those zip codes are: 20743 (Capitol Heights), 20746 (Suitland), 20706 (Lanham), 20745 (Oxon Hill), 20747 (District Heights), 20772 and 20774 (Upper Marlboro), 20748 (Temple Hills), 20744 (Fort Washington), 20737 (Riverdale), 20784 (Landover/Hyattsville), 20785 (Landover Hills/Hyattsville), 20710 (Bladensburg), and 20722 (Brentwood).
The lower Maryland Mortgage Program interest rate, plus increased downpayment and closing assistance, plus a Maryland HomeCredit federal tax credit without the customary fee gives homebuyers three unique financial incentives to purchase a home in Prince George’s County.
“Prince George’s County is one of the best places in the state to live and work, with great schools, a thriving economy and a quality of life that is second to none and we are pleased to expand opportunities for families who want to share the American Dream,” said County Executive Rushern L. Baker.
The Maryland Mortgage Program has been the state’s flagship mortgage purchase program for more than 30 years. Program loans are administered by a network of more than 60 private lending institutions across the state, including about 30 lenders in Prince George’s County. Additional benefits of the program include pre-purchase home buyer education.
For more information on the MMP TriplePlay Initiative go to: http://mmp.maryland.gov/TriplePlay.
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The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD programs, log on to www.mdhousing.org. To learn more, follow Community Review, DHCD’s blog.
For more information:
Director, Office of Communications and Marketing
wilson (at) mdhousing (dot) org
hallw (at) mdhousing (dot) org
devilbiss (at) mdhousing (dot) org