Advertisement

Funding available for homebuyers

September 04, 1998

First-time home buyers in Washington County can draw upon more than $2 million from a state bond issue for the Maryland Mortgage program, Washington County Community Development Coordinator Joe Kuhna told the County Commissioners on Tuesday.

The commissioners voted to allow the state to issue bonds for the county's allocation of more than $2.2 million.

The money provides low-interest loans to first-time home buyers, he said.

The average annual income of a family applying for the loans is about $35,000, Kuhna said. Families participating in the program must pay a portion of the down-payment and closing costs, he said.

Kuhna said he did not know how many families in the county took advantage of the low-interest loans last year.

Under the program, the state issues $60 million in bonds for all counties in the state, then distributes the money to the counties through the Community Development Administration, he said.

Although individual counties have the legal right to issue the housing bonds, they save fees and interest payments by having the state issue the bonds on their behalf, he said.

Advertisement
The Herald-Mail Articles
|
|
|