Mortgage Program Gives Homebuyers Rate Reduction in Prince George's County

In an effort to help families find their dream homes, the MMP Triple Play Initiative will provide $100 million for down payments.

For over 30 years The Maryland Mortgage Program has administered loans to homebuyers and the new initiative introduced on Nov. 20 will help continue that effort.

“With its very low interest rates and significant down payment assistance, the Maryland Mortgage Program is a good deal for homebuyers, a good deal for our state economy and now with this new MMP Triple Threat Initiative, a very good deal for Prince George’s County,” Acting Maryland DHCD Secretary Clarence Snuggs said in a news release.

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About 500 families will be assisted in the program through a partnership between Prince George’s County, the Maryland Department of Housing and Community Development, and the Maryland Attorney General’s office.

Those who are eligible for the program and are selected will receive the following:

• .25 percent off of the Maryland Mortgage Program
• $10,000 for the down payment interest-free, deferred loan, and good for the life of the loan
• Waived fee on the Maryland HomeCredit which enables homebuyers to claim up to $2,000 of federal income tax credit
• An additional $10,000 grant for those purchasing a home in one of the following zip codes: 20706, 20710, 20722, 20737, 20743, 20744, 20745, 20746, 20747, 20748, 20772, 20774, 20784 and 20785 or the neighborhoods: Lanham, Capitol Heights, Fort Washington, Oxon Hill, Suitland, Forestville, Upper Marlboro, Camp Springs, Riverdale, Landover, Landover Hills, Bladensburg, Hyattsville, Cheverly and Brentwood.

“Prince George’s County is one of the best places in the state to live and work. We are pleased to expand opportunities for families who want to share the American Dream,” Prince George’s County Executive Rushern L. Baker, III said in a news release.

For more information visit The Maryland Mortgage Program.

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