Maryland Mortgage Program Sales Increase by 120 Percent in 2015

The Maryland Mortgage Program is a home loan program that’s safe, secure and right for many Marylanders.

ANNAPOLIS – Homeownership loans through the Maryland Mortgage Program more than doubled in 2015 with the overall value of loans totaling more than $638 million, the Hogan administration announced today.

The dramatic increase in sales marked one of the program’s most productive years in nearly a decade and is seen as a sign of the state’s steadily strengthening housing market. Sales also were boosted by several successful initiatives that opened new homeownership opportunities to hardworking families throughout Maryland.

“We are committed to increasing jobs, improving the state’s fiscal outlook and putting more dollars back in taxpayers’ pockets,” Governor Hogan said. “A healthy housing market is the key to a healthy economy. Through the Maryland Mortgage Program, more families are able to put down roots in our state and create long-lasting financial stability.”

The Maryland Mortgage Program has been the state’s premier homeownership program for more than 30 years, relying primarily on private capital to provide affordable loans for hard-working families looking to purchase a home. Program loans are administered by a network of more than 70 private lending institutions across the state and promoted through Maryland’s growing relationship with the state’s real estate community.

The program provided 3,283 mortgage loans in calendar year 2015 compared to 1,599 loans in 2014, a 105 percent increase. The value of the loans increased 120 percent, from $289 million in 2014 to $638 million in 2015

“The incredible growth in the Maryland Mortgage Program illustrates that Marylanders have confidence in Governor Hogan’s leadership and his ability to turn our economy around. More people are choosing to buy a home in Maryland and raise their families here,” Maryland Department of Housing and Community Development Secretary Kenneth C. Holt said. “These tremendous results are changing Maryland for the better.”

Visit DHCD’s website to learn more about the wide array of Maryland Mortgage Program loan products, down payment assistance and home buyer education programs.

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