The month of June is Homeownership Month in Maryland and to add incentive for prospective homeowners the Maryland Mortgage Program has
lowered the interest rate on 30-year fixed rate loans to 2.875% (APR 3.675%) in targeted areas and 3.25% (APR 4.082%) in non-targeted areas. $30 million dollars has been earmarked by the Mayor towards this incentive and these low rates will last for the next 3 months or until the entire 30 million is gone.
Targeted areas consist of the following counties:
- Baltimore City
And portions of the following:
- Anne Arundel
- Baltimore County
- Prince George’s
There are additional incentives for those looking to buy foreclosures and short sales with the same reduced rates being offered via the
Save-A-Home Loan Program through the end of June. The hope is that the low rates plus the down payment assistance offered by the Maryland Mortgage Program will bring 10,000 new home owners to Baltimore City by the end of the summer.