There’s a new post on Mdhousing’s blog, News Alert! Lender Closes the First Loan through the Maryland Mortgage Program Triple Play Initiative.
Sheena Colbert became the first to close on a new mortgage through the MMP Triple Play Initiative with members of The Paquin Team, Ryan Paquin and Ryan Vitielliss.
NEWS ALERT! First Home Mortgage on Monday became the first lender to close a loan through the MMP Triple Play Initiative, DHCD’s $100 million program to build homeownership in Prince George’s County.
The initiative, which was launched last month, will help an estimated 500 families purchase the home of their dreams in the county through the Maryland Mortgage Program by providing $10,000 downpayment and closing cost assistance, plus an additional $10,000 for homebuyers purchasing in one of 14 county zip codes; and a reduced Maryland Mortgage Program interest rate. In addition, The state is waiving its fee on 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.
The Triple Play initiative 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.
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).
Learn more about Maryland’s flagship homeownership program by visiting DHCD’s website: MMP.MARYLAND.GOV.