Maryland is offering mortgage assistance to those who need it to help them refinance their mortgages and get their credit scores back on track.
Maryland Mortgage and Housing Authority said Wednesday it will offer loans worth $300 per month to those with a credit score below 660.
It is part of a $1.3 billion loan program that began in June and is expected to reach its full cap by the end of the year.MMAAA Chairman Jim McCarver said the loan will help people get back on their feet and save them money over the next few years.
“The Maryland Mortgage Assistance Program is designed to help those struggling to get out of the foreclosure cycle, and provide them with the ability to refinance or even purchase a home in Maryland,” McCarv said.
“We’re really excited to be able to offer this additional credit to those struggling in their current situation.”
Anyone who needs help getting a mortgage can apply at MDMAA’s website, www.marylandmafa.org.
It’s a free online application.
Anyone who wants to apply for the mortgage assistance program can do so by calling 866-638-6800, ext.
4, or going to MDMAAs website.
More than 1.6 million people in Maryland have been served by MDMAAA in the past year.
MDMA has received nearly $3 billion in loan assistance and will offer an additional $2.5 billion in loans in January.
The Maryland Office of Financial Services, the state agency that oversees the program, said it is working to expand its service area to more counties.
The agency said it has increased its staff of 25 to 30 employees in Baltimore and has increased the amount of financial counselors that are available.
It said it will continue to add financial advisors to its staff to serve those in need.