For those of us who remember 17% interest rates, today’s interest rates still seem like a bargain. That’s little comfort for buyers who have watched rates climb steadily for the past three weeks.
However, the State of Maryland has a financing program called More House 4 Less that includes below market interest rates and even a state grant for closing costs.
There are, of course, limits — in some areas, you may need to be a first time homebuyer. You must plan to occupy the house as your principal residence. The maximum purchase price for Prince George’s County is $417,000.
Paul Richardson with SunTrust Mortgage has lots of experience with these loans. It’s worth sending him an email (click on his name to send an email) or calling him at 301-507-6064 for more information.
CDA offers 100% financing, 30 year fixed rate loans, or even a 35 year fixed rate loan with the first 5 years paying interest only. Unlike many of the horror stories you’ve heard, the interest rate is fixed for the entire 35 years. It’s a great program!
© 2006 Susan Pruden.