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Hogan announces homeownership initiative for veterans, military families

5/29/2015, 1 p.m.
On Memorial Day, Governor Larry Hogan and Secretary Kenneth Holt announced a $20 million initiative that will give a significant ...
Veterans and military families looking to purchase a home in one of Maryland's Sustainable Communities may qualify for special Maryland Mortgage Program rates and significant down payment assistance through the "You've Earned It!" initiative. (Courtesy Photo)

— On Memorial Day, Governor Larry Hogan and Secretary Kenneth Holt announced a $20 million initiative that will give a significant boost to veterans and military families who are looking to buy a home in one of Maryland's 86 Sustainable Communities.

The "You've Earned It!" initiative offers a 2.75 percent fixed-rate 30-year loan through the Maryland Mortgage Program and $10,000 in down payment assistance in the form of a zero interest deferred loan to active duty military, including members of the military reserves and National Guard, and honorably discharged veterans and veterans with a disability.

The first phase of "You've Earned It!" aimed at qualified homebuyers with more than $25,000 in student loan debt was announced recently. The initiative is for a limited time until the $20 million allocation is exhausted.

Maryland's Sustainable Communities program seeks to strengthen reinvestment and revitalization in the state's older communities through state, local and private sector partnerships.

There is at least one designated Sustainable Community in each of Maryland's 23 counties and Baltimore City.

A list of Maryland's Sustainable Communities can be found at www.mmp.maryland.gov.

If you'd like to see whether a specific property address is in a sustainable community, view this map.

For more information about the Maryland Mortgage Program, as well as other loan specials, participating lenders and homeownership counselors in your area, visit the Maryland Mortgage Program website: www.mmp.maryland.gov.