Maryland HomeCredit Program

Lower Your Federal Taxes, Every Year, For the Life of Your Loan

A Maryland HomeCredit can save a homebuyer tens of thousands of dollars over the life of a home loan, and makes owning a home more affordable. Together with a home loan through the Maryland Department of Housing and Community Development's (DHCD's) Maryland Mortgage Program (MMP), which offers Down Payment Assistance and the certainty of a 30-year fixed interest rate, the State of Maryland is making the dream of sustainable homeownership a reality for more Marylanders than ever.

How to Get a Maryland HomeCredit

Homebuyers apply for a Maryland HomeCredit through an approved mortgage lender. The Lender will confirm the borrowers' eligibility for this program, and submit an application to the Maryland Department of Housing and Community Development (DHCD).

Who Can Get a Maryland HomeCredit?

To get a HomeCredit, you must be purchasing a home in Maryland and meet borrowing criteria that include:

You must meet the same income limits and home purchase price limits as the Maryland Mortgage Program;
You cannot have owned a home during the past three (3) years, UNLESS you are purchasing in aTargeted Area;
The home you purchase must be your primary residence.

NOTE - the Maryland HomeCredit Program is not available for refinances or existing homeowners

READ THE ENTIRE ARTICLE: http://mmp.maryland.gov/Pages/MDHomeCredit.aspx

Monday, January 12, 2015