State mortgage program cuts rates in Western Md.

HAGERSTOWN, Md. (AP) — A state mortgage program is lowering its rates for two months in Western Maryland to entice homebuyers.

The Herald-Mail of Hagerstown ( ) reports the Maryland Mortgage Program will lower rates by a quarter percent for homes in Allegany, Frederick, Garrett and Washington counties. Any program loans that are reserved before Sept. 10 will be eligible.

Residents who want to take advantage of the Maryland Mortgage Program have to meet certain income limits and intend to live in the home. As part of the program, residents also have to complete an education course on buying a home.

Bill Ariano of the Maryland Department of Housing and Community Development says one goal of the program is to encourage first-time homebuyers.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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