The Maryland Department of Housing and Community Development announced new lower interest rates for first time maryland home buyers.

It's not every day that a great loan program gets better, but that is the case with the Maryland Mortgage Program. The CDA - Community Development Administration who administers this programs has lowered the barrier to home ownership, setting interest rates to unheard of low levels. 30 year fixed rates are now 3.5% No Points 4.236% APR. Yes you heard that right no points. This is for the Homeward Bound Program which is for Forecloused properties or short sales. The rates on the regular program are just 3.75%, no points with an apr of 4.506%.

If your not familiar with the Maryland Mortgage Program or haven't kept up to date there have been changes recently that make this the defacto loan of choice for first time borrowers in Maryland with moderate incomes. And don't be fooled by what Maryland considers moderate income, Prince Georges, Montgomery,& Calvert Counties the income limit for 1 or 2 person households is $124,000. Anne Arundel, Howard, & Baltimore go up to $102,840. There are many aspects of this program including the Down payment and settlement asssistance program that has funds up to $5,000 and other programs to get the money needed to help cover your closing costs and down payment.