$250 million tax credit program will enable eligible homebuyers to claim up to $2,000 annually
CROWNSVILLE, Md. (June 2, 2014) - As part of its initiatives for National Homeownership Month and the summer home buying season, the Maryland Department of Housing and Community Development (DHCD) has officially launched the Maryland HomeCredit Program, effective June 1. Through the Maryland HomeCredit Program, eligible homebuyers can claim a federal income tax credit of up to $2,000 yearly for the life of their mortgage. DHCD will also be offering interest rate specials for Maryland Mortgage Program loans in selected regions in Maryland throughout the summer.
"There is no more important place than a family's home, and Maryland is committed to supporting the American dream of homeownership," said Governor Martin O'Malley. "The new Maryland HomeCredit Program will provide an additional, financial incentive for potential homebuyers through long-term tax benefits, helping them to save money and insure the sustainability of their mortgages."
Eligible homebuyers who purchase a home before December 15, 2015 can use the Maryland HomeCredit to claim 25 percent of the annual mortgage interest paid as a federal tax credit up to $2,000 for every year the mortgage is outstanding and they live in the home. Up to $250 million in tax credits will be made available. The homebuyer must get the Maryland HomeCredit at the time they close on their mortgage. There are fees associated with the Maryland HomeCredit Program, and refinances are not eligible.
The Maryland HomeCredit Program is available to all Maryland homebuyers that meet the State's eligibility requirements, including those receiving mortgage loans through the Maryland Mortgage Program. The Maryland Mortgage Program has been the state's flagship mortgage purchase program for more than 30 years. Throughout the summer, DHCD will be reducing Program interest rates in selected regions. Program loans are administered by a network of over 60 private lending institutions across the state. Pre-purchase homeownership education is required. A list of participating lenders and current interest rate specials are available at the Maryland Mortgage Program website: http://mmp.maryland.gov
"Strong communities are built through homeownership," said Lt. Governor Anthony G. Brown. "We helped over 1,500 families become homeowners through the Maryland Mortgage Program last year, and we continue to explore ways to make homeownership more affordable for Marylanders through enhancements like the Maryland HomeCredit Program."
In addition to the Maryland HomeCredit Program, -Maryland Mortgage Program homebuyers are also eligible for up to $5,000 in basic down payment assistance. Additional assistance is available through Partner Match Programs. Through these programs, DHCD agrees to match any down payment assistance up to $2,500 offered by participating employers, builders and developers, and community organizations. Partner Match funds can be combined with the basic down payment assistance.
"Our fixed-rate loans provide a safe, sustainable, mortgage option for homeowners," said DHCD Secretary Raymond A. Skinner. "With the down payment assistance offered through the Program and, now, the additional savings offered through the Maryland HomeCredit Program, National Homeownership Month is a great opportunity for potential homebuyers to explore the options offered by Maryland Mortgage Program."
For information about the Maryland Mortgage Program, down payment assistance, and the Maryland HomeCredit Program, as well as the current loan specials, participating lenders and homeownership counselors in your area, visit: http://mmp.maryland.gov
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The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD programs, log on to www.mdhousing.org. To learn more, follow Community Review, DHCD's blog. News updates also are available by following DHCD on Twitter (twitter.com/MDHousing) and Facebook (www.facebook.com/MarylandHousing).
CROWNSVILLE, Md. (June 2, 2014) - As part of its initiatives for National Homeownership Month and the summer home buying season, the Maryland Department of Housing and Community Development (DHCD) has officially launched the Maryland HomeCredit Program, effective June 1. Through the Maryland HomeCredit Program, eligible homebuyers can claim a federal income tax credit of up to $2,000 yearly for the life of their mortgage. DHCD will also be offering interest rate specials for Maryland Mortgage Program loans in selected regions in Maryland throughout the summer.
"There is no more important place than a family's home, and Maryland is committed to supporting the American dream of homeownership," said Governor Martin O'Malley. "The new Maryland HomeCredit Program will provide an additional, financial incentive for potential homebuyers through long-term tax benefits, helping them to save money and insure the sustainability of their mortgages."
Eligible homebuyers who purchase a home before December 15, 2015 can use the Maryland HomeCredit to claim 25 percent of the annual mortgage interest paid as a federal tax credit up to $2,000 for every year the mortgage is outstanding and they live in the home. Up to $250 million in tax credits will be made available. The homebuyer must get the Maryland HomeCredit at the time they close on their mortgage. There are fees associated with the Maryland HomeCredit Program, and refinances are not eligible.
The Maryland HomeCredit Program is available to all Maryland homebuyers that meet the State's eligibility requirements, including those receiving mortgage loans through the Maryland Mortgage Program. The Maryland Mortgage Program has been the state's flagship mortgage purchase program for more than 30 years. Throughout the summer, DHCD will be reducing Program interest rates in selected regions. Program loans are administered by a network of over 60 private lending institutions across the state. Pre-purchase homeownership education is required. A list of participating lenders and current interest rate specials are available at the Maryland Mortgage Program website: http://mmp.maryland.gov
"Strong communities are built through homeownership," said Lt. Governor Anthony G. Brown. "We helped over 1,500 families become homeowners through the Maryland Mortgage Program last year, and we continue to explore ways to make homeownership more affordable for Marylanders through enhancements like the Maryland HomeCredit Program."
In addition to the Maryland HomeCredit Program, -Maryland Mortgage Program homebuyers are also eligible for up to $5,000 in basic down payment assistance. Additional assistance is available through Partner Match Programs. Through these programs, DHCD agrees to match any down payment assistance up to $2,500 offered by participating employers, builders and developers, and community organizations. Partner Match funds can be combined with the basic down payment assistance.
"Our fixed-rate loans provide a safe, sustainable, mortgage option for homeowners," said DHCD Secretary Raymond A. Skinner. "With the down payment assistance offered through the Program and, now, the additional savings offered through the Maryland HomeCredit Program, National Homeownership Month is a great opportunity for potential homebuyers to explore the options offered by Maryland Mortgage Program."
For information about the Maryland Mortgage Program, down payment assistance, and the Maryland HomeCredit Program, as well as the current loan specials, participating lenders and homeownership counselors in your area, visit: http://mmp.maryland.gov
# # #
The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD programs, log on to www.mdhousing.org. To learn more, follow Community Review, DHCD's blog. News updates also are available by following DHCD on Twitter (twitter.com/MDHousing) and Facebook (www.facebook.com/MarylandHousing).
