On Friday, Governor Wes Moore introduced a substantial $50 million mortgage assistance initiative aimed at enabling teachers and first responders to purchase their initial homes in Maryland.
This program, known as First Homes for First Responders and Teachers, will provide qualified first-time homebuyers with a mortgage interest rate that is half a percentage point below the current rates offered by the Maryland Mortgage Program, in addition to financial help for down payments and closing costs.
The announcement was made by Moore during a visit to Baltimore County Police Precinct 4, part of his statewide “Delivering for Maryland” tour. The governor engaged with police officers, firefighters, and various first responders to discuss the housing difficulties they encounter.
The newly established program allows eligible individuals—including educators, police officers, firefighters, EMTs, paramedics, and 9-1-1 dispatchers—to benefit from a mortgage rate that is 0.5% less than the standard rate offered by the Maryland Mortgage Program’s First Time Advantage product.
Additionally, participants can access a 0% interest loan amounting to 5% of their mortgage to assist with down payment and closing costs.
For instance, for a mortgage of $300,000, this aid would total $15,000, as noted by Moore.
The governor emphasized that the initiative is intended to tackle two significant hurdles faced by first-time homebuyers: the monthly costs associated with mortgages and the initial cash required to secure a home.
“Homeownership involves more than just having a place to live,” Moore remarked. “It’s about creating genuine pathways to long-term prosperity for you and your family.”
Applications for the First Homes for First Responders and Teachers program will be accepted starting September 4.
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