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Downtown home buyers can get help with loans

February 08, 2002

Downtown home buyers can get help with loans



State-funded housing loan programs that will help people buy and renovate homes in a section of downtown Hagerstown will get under way Monday, said Pat McMillan, director of the Hagerstown Home Store, which will administer the programs.

The money is available through the Home PRIDE loan programs. But the loans, which would be second mortgages, do not need to be paid back if the borrower lives in the house for which the loan was used for five or 10 years. The length of time differs for each of the two loan programs.

The Hagerstown Home Store on the first block of East Franklin Street, Hagerstown, is administering the loan programs.

Under one program, home buyers can receive up to $20,000 to help purchase and renovate their new house.

The other program provides up to $20,000 that could be used to pay fees on a first mortgage, McMillan said.

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There are no income restrictions for the programs, she said.

The programs are only available for properties within an area known as the Community Legacy focus area, which is generally bounded by Potomac Street, Franklin Street, Cannon Avenue and Mulberry Street, and the railroad tracks south of Prospect Avenue.

For more information contact the Home Store at 301-797-0900.

- Dan Kulin

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