Choosing to purchase a home is one of the smartest and biggest decisions of your life. It takes a lot of time and commitment to navigate the complex purchase process. There are a number of things you can do to save money on your new home.
First Time Home Buyer Programs in Maryland
Many non-profit organizations offer down payment assistance programs to first time homebuyers in Maryland. Some cities and counties even offer a Mortgage Credit Certificate or MCC. An MCC is a federal tax credit program for first time homebuyers.
When purchasing your first home, it’s extremely important that you learn all that you can about the home buying process and the programs available to help you.
A Maryland HomeCredit can save you tens of thousands of dollars throughout the life of your loan. When combined with a home loan through the Maryland Department of Housing and Community Development’s Mortgage Program, purchasing your first home in Maryland has never been easier! The Maryland Department of Housing and Community Development offers down payment assistance as well as a 30-year fixed interest rate.
The Maryland HomeCredit doesn’t save you money on the purchase of your home. Instead, it provides eligible homeowners with a federal tax credit that reduces the federal tax liability owed. The value of this tax credit is 25% of the value of mortgage payments up to $2000. This credit can be claimed every year that you own your home.
Eligible homeowners can apply for a Maryland HomeCredit through an approved mortgage lender. In order to be eligible, the home you purchase must be in Maryland and you must meet the income requirements and home purchase price limits set by the Maryland Mortgage Program. Also, the home you purchase must be your primary residence and you cannot have owned a home within the past three years.
New Home Community in Frederick, Maryland
If you’re thinking of purchasing a home in Maryland, look no further than Landsdale in Frederick County. Landsdale features gorgeous new construction single-family homes and townhomes and a variety of first-rate amenities. Landsdale has everything that you could ever want in a community. Please contact us for more information.