Financing
Affordable Mortgages For Home Buyers
In a continuing effort to increase the Homeownership rate in the City
of Hagerstown, the Community Development Department is highly recommending
that home buyers seek assistance through the Maryland Mortgage
Program. The Department now offers affordable Second Mortgages to
low-moderate income households who are qualified for Maryland Mortgage
Program. The City's second mortgages can
help with closing costs, settlement fees, and other related costs.
Maryland Mortgage Program (MMP)
5.5% Mortgages
Home buyers can recieve 5.5% mortgages for up to $133,918.
Income Limits
Gross annual household income for a one-member houehold may not exceed
$66,900 or $133,918 for two or more members.
To apply for the Maryland Mortgage Program contact
these participating lenders:
B.F. Saul Mortgage Co.
Attn: Nikkie Roy
7605 Arlington Rd., Suite 200
Bethesda, MD 20814
Phone: 301-695-4497 or
toll free 800-985-7285
Fax: 301-907-5144 |
Columbia National Mortgage
Attn: Hugh Gordon
420 East Patrick St., Suite 100
Frederick, MD 21701
Phone: 800-753-8386, Ext. 226
Fax: 301-663-8367 |
Chase Manhattan Mortgage Corp.
Attn Mike Auldridge
70 Thomas Johnson Dr.
Frederick, MD 21701
Phone: 800-985-7285
Fax: 301-663-8367 |
F&M Bank
Attn: Mary Clopper
59 West Washington St.
Hagerstown, MD 21740
Phone: 301-714-7860
Fax: 301-620-0153 |
First Home Mortgage
Attn: Cathy Ocharzak
1825 Howell Road, Suite #2
Hagerstown, MD 21740
Phone: 240-420-6400
Fax: 240-420-6400 |
First Home Mortgage
Attn Richard E. Beckwith
1825 Howell Rd.
Hagerstown, MD 21740
Phone: 301-730-8549
Fax: 240-420-6400 |
Hagerstown Trust
Attn: John Menard
83 West Washington St.
Hagerstown, MD 21740
Phone: 301-791-8468
Fax: 301-791-8560 |
Home Federal
Attn: Donna Staggers
1700 Dual Highway
Hagerstown, MD 21740
Phone: 301-791-5200
Fax: 301-733-5174 |
MNC Mortgage
Attn: Mark Ebinger
5301 Buckeystown Pike
Frederick, MD 21704-8307
Phone: 800-858-7484
Fax: 301-620-0153 |
National City Mortgage
Attn: Kate Daney
101 Baugman's Lane, Suite 202
Frederick, MD 21702
Phone: 800-225-2647
Fax: 301-663-4329 |
The Huntington Mortgage Corp.
Attn: Barbara Kershner
186 Eastern Blvd.
Hagerstown, MD 21740
Phone: 301-739-3944
Fax: 301-739-3803 |
Wells Fargo Home Mortgage, Inc.
Attn: Johnna Maravelis
10628 Honeyfield Rd.
Williamsport, MD 21795
Phone: 301-665-0586
Fax: 301-223-5776 |
Mortgage Assistance
Buy a home with $500 down using a Community Development Block Grant
Second Mortgage. Buyers in Hagerstown's three Smart Growth Homeownership
Areas may apply for variable rate loans (maximum $10,000) for settlement
costs. Loan terms are determined by affordability and may be 0-4% interest
with deferred to 30 year terms. To participate:
- Buyers must obtain a 5% first mortgage through the Maryland Mortgage
Program.
- The house must be located in Hagerstown's Smart Growth Areas. Please
call or E-Mail the Department of Community Development to see if the
house you are looking for qualifies.
- Buyers must meet HUD's income requirements shown below.
| Household Size |
Gross Annual Household Income |
| 1 person |
$38,850 |
| 2 persons |
$44,400 |
| 3 persons |
$49,950 |
| 4 persons |
$55,500 |
| 5 persons |
$59,950 |
| 6 persons |
$64,400 |
| 7 persons |
$68,850 |
|
| (effective May 2010) |
|
