The Maryland Mortgage Program, part of the state's Department of Housing and Community Development, reduced interest rates Monday, effective immediately. Part of this action means that its zero point mortgage interest rate was reduced to 5.25 percent. This is down from 5.75 percent.

First-time homebuyers have several low-interest, fixed-rate loan options from the state-run mortgage aid program. The department plans to aid 1,600 potential homeowners buy properties through state and federal mortgage assistance programs. The federal government's New Issue Bond Program partly backs the Maryland Mortgage Program. They hope to provide an incentive for people in the market to buy a new home.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.