{"id":8180,"date":"2015-05-05T11:46:23","date_gmt":"2015-05-05T15:46:23","guid":{"rendered":"http:\/\/news.maryland.gov\/dhcd\/?p=8180"},"modified":"2016-02-01T14:03:30","modified_gmt":"2016-02-01T19:03:30","slug":"new-initiative-offers-special-rate-down-payment-assistance-to-help-home-buyers-saddled-with-student-loan-debt","status":"publish","type":"post","link":"https:\/\/news.maryland.gov\/dhcd\/2015\/05\/05\/new-initiative-offers-special-rate-down-payment-assistance-to-help-home-buyers-saddled-with-student-loan-debt\/","title":{"rendered":"New Initiative Offers Special Rate, Down Payment Assistance, to Help Home Buyers Saddled with Student Loan Debt"},"content":{"rendered":"

ROCKVILLE, MD \u2013 <\/strong>Governor Larry Hogan today announced a $20 million initiative that will give a boost to otherwise qualified buyers who have been unable to move into homeownership because of significant student debt.<\/p>\n

Through the \u201cYou\u2019ve Earned It!\u201d<\/em><\/a> initiative, the Maryland Mortgage Program is offering a 2.75 percent fixed rate, 30-year mortgage and $10,000 in down payment assistance to qualified homebuyers with more than $25,000 in student loan debt. The program is open for a limited time to families purchasing a home in one of Maryland\u2019s 82 Sustainable Communities<\/a>.<\/p>\n

\u201cEncouraging young families to establish roots in our state through homeownership is one of the best ways to grow our economy in the near and long term.\u00a0 Owning a home helps families create a financial legacy for their children; it stabilizes and brings new economic life into the state\u2019s communities, and it puts the power of the housing market to work to revitalize the state\u2019s economy,\u201d Governor Hogan said. \u201cThis initiative will help strengthen our economy by helping a key demographic, members of the Millennial Generation, move out of their parents\u2019 homes and into homeownership.\u201d<\/p>\n

Secretary Kenneth Holt announced the initiative in Rockville at the annual Affordable Housing Conference of Montgomery County as he delivered the keynote address on behalf of Governor Hogan, who was unable to attend because of events in Baltimore.<\/p>\n

\u201cThe events of those past few days remind us of the importance of Governor Hogan\u2019s commitment to revitalizing communities and rebuilding our economy so that we can change Maryland for the better,\u201d Secretary Holt told more than 600 elected officials, housing and community development leaders, business professionals and housing advocates. \u201cThis is neither a Republican goal nor a Democratic goal. It is a Maryland goal.\u201d<\/p>\n

The program is aimed at assisting potential buyers, particularly members of the so-called \u201cBoomerang Generation,\u201d who are employed and have good credit but are saddled with student debt that is proving a barrier to homeownership. These young people are more likely to live with their parents than were young people one or two decades ago and they are saddled with significantly more student loan debt than in the past.<\/p>\n

\u201cThe \u201cYou\u2019ve Earned It\u201d initiative unlocks the buying power of these young homebuyers and help them establish roots in our state, providing a significant boost to Maryland\u2019s housing market and the overall state economy,\u201d Governor Hogan said.<\/p>\n

Maryland\u2019s Sustainable Communities program seeks to strengthen reinvestment and revitalization in the state\u2019s older communities through state, local and private sector partnerships. There is at least one designated Sustainable Community in each of Maryland\u2019s 23 counties and Baltimore City.<\/p>\n

###<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

ROCKVILLE, MD \u2013 Governor Larry Hogan today announced a $20 million initiative that will give a boost to otherwise qualified buyers who have been unable to move into homeownership because of significant student debt. Through the \u201cYou\u2019ve Earned It!\u201d initiative, the Maryland Mortgage Program is offering a 2.75 percent fixed rate, 30-year mortgage and $10,000  Read the Rest…<\/a><\/p>\n","protected":false},"author":117,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-8180","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"_links":{"self":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/8180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/users\/117"}],"replies":[{"embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/comments?post=8180"}],"version-history":[{"count":2,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/8180\/revisions"}],"predecessor-version":[{"id":8566,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/8180\/revisions\/8566"}],"wp:attachment":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/media?parent=8180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/categories?post=8180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/tags?post=8180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}