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FUNDS AVAILABLE: |
July 3, 2000 at 8:00 a.m.
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INTEREST RATE: |
5.00% (5.36822 per thousand). Interest rate may be increased
to the Maryland Mortgage Program interest rate in effect at the time
of application if borrower fails to meet his/her commitment to teach
in Maryland public schools during the first three (3) years of the
loan. Refer to the Truth in Lending Disclosure Statement for actual
Annual Percentage Rate (APR).
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INCOME LIMITS AND
MAXIMUM ACQUISITION COSTS: |
See Table Below
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TERM: |
30 Years
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POINTS: |
One point from buyer(s) and one point from seller(s), to be
collected at settlement.
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MORTGAGE INSURER: |
FHA
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ELIGIBLE BORROWER: |
ALL BORROWERS MUST BE FIRST-TIME HOME BUYERS
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AT LEAST ONE OF THE BORROWERS:
Must be a full-time Maryland-certified classroom teacher who is
newly hired or taught in Maryland for 5 years or less
Must have a contract to teach in the public schools of the State
of Maryland (pre-K through grade 12)
Must commit to teach in Maryland public schools (pre-K through
grade 12) for a period of at least 3 years from the date of the loan
closing).
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ELIGIBLE PROPERTIES |
PROPERTY BEING PURCHASED:
Must be borrower’s primary residence
MUST BE IN A PRIORITY FUNDING AREA*
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CLOSING COST ASSISTANCE: |
DHCD’s Downpayment and Settlement Expense Loan Program (DSELP)
available Statewide (in Priority Funding Areas)
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HOME INSPECTION: |
Required (unless home newly constructed or substantially rehabbed
- amount of rehab work must be equal to or greater than 50% of the
purchase price of the property) |
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HOME BUYER EDUCATION: |
Mandatory for all borrowers |