HOMEWARD BOUND PROGRAM

Homeward Bound program for PG County MD First time Home buyers. Maryland Department of Housing and Community Developement (DHCD) Secretary Raymond A. Skinner announced the creation of this product like eight months ago. But I am writing this blog for the people who might have missed the announcement or for the PG County MD First time home buyers who don't know about this product.

Homeward Bound allows eligible home buyers of any foreclosed or short sale property to obtain a loan product at a lower rate. This is good considering many if not most first time home buyers are cash scrapped before they even start the home buying process. So how do you apply for this loan you ask? You can go to http://www.mmprogram.org/documents/AcqRehabLenderFactSheet060211.doc through a Maryland Mortgage Program Participating Lender. The acquistion cost is paid to the seller of the home at closing. An amount equal to the rehabilitation cost plus up to six months of mortgage payments is put into escrow account at loan closing. Disbursements are made from the escrow account as repairs are completed by a licensed contractor.

You can also check the Maryland Mortgage Program Current interest rates. Interest rates varies depending on the discount points paid by the borrower. With the Homeward Bound eligible program home buyers of foreclosed and short sale properties will get an introductory 1/2% discount off the current applicable MMP interest rate. Maryland Department of Housing and Community Development news updates are available by following DHCD on Twitter (www.twitter.com/MDHousing and Facebook www.facebook.com/Marylandhousing