Maryland Mortgage Program Targets Baltimore
First time home buyers in Baltimore could receive a 2.875 percent interest rate for a mortgage on a city home.
Are you considering buying a home in Baltimore City?
Well, the Maryland Department of Housing and Community Development's Maryland Mortgage Program is offering a 2.875 percent interest rate for qualified first time buyers as an incentive to do so.
The announcement was made during a news conference in the 2300 block of Guilford Avenue on Thursday.
Maryland Housing Secretary Raymond A. Skinner also promoted an incentive for eligible home buyers to purchase houses that have been foreclosed on with a mortgage rate as low 3.25 percent.
Mayor Stephanie Rawlings-Blake attended the news conference, and said programs like the low interest mortgages, along with her administration's Vacants to Value program, are all part of a plan to bring 10,000 families to Baltimore in 10 years.
Sara Prammawat recently bought her first home in the 2300 block of Calvert Street with a Maryland Mortgage Program loan. She also used resources such as the Live Near Your Work program to help pool resources.
She said that she was able to pull together about $40,000 from the various programs, and that her closing was $7.31.
"I've never lived in the city. So Baltimore City is my first city home," Prammawat said.