State Expands Program to Assist Veterans with Home Ownership
Governor Larry Hogan has expanded the “You’ve Earned It!” initiative with a $20 million dollar allocation to assist veterans to purchase a home. The original Maryland Mortgage Program initiative announced May 4 was designed to assist potential homebuyers with $25,000 or more of student debt.
This new initiative offers a 2.75 percent fixed-rate, 30-year mortgage and $10,000 in down-payment assistance to active duty military, including Reserves and National Guard, as well as honorably discharged veterans and honorably discharged disabled veterans. The “You’ve Earned It!” initiative is for a limited time until the $20 million allocation is exhausted.
Assistance is available to purchase a home in a neighborhood designated as a Maryland Sustainable Community. These are areas where governments, business and communities coordinate investments to achieve sustainable growth, good jobs and thriving neighborhoods.
The Department of Housing and Community Development (DHCD) has created an interactive online mapping tool and a guide to identify whether a property is in a Sustainable Community simply by typing in a street address. A printable map of Sustainable Communities in Montgomery County is available here.
“I am very proud of this new initiative, which helps our brave men and women in uniform and their families to achieve the American dream of homeownership and establish roots here in Maryland,” said Governor Hogan. “The program is not only good for our economy, but good for our communities.”
Department of Housing and Community Development Secretary Kenneth Holt added, “Owning a home helps families create a financial legacy for their children; it stabilizes and brings economic investment into the state’s communities, and it puts the power of the housing market to work to revitalize Maryland’s economy. We are pleased to offer this program to members of our military and recognize all they do to keep our communities safe and stable in these times.”
The DHCD MMP “You’ve Earned It” Fact Sheet is available online.