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

Maryland HomeCredit Program

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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.

To get started, contact one of our approved MD HomeCredit lending partners today.

You may already know about the mortgage interest deduction that most homeowners already claim each year on their federal taxes. The Maryland HomeCredit Program is different, and provides a federal tax credit to eligible homebuyers. A tax deduction reduces the homeowner’s “taxable income”. In contrast, a tax credit, such as the Maryland HomeCredit, provides the homeowner with a reduction in their actual federal tax liability.

DHCD's Maryland HomeCredit Program provides eligible homebuyers with a federal tax credit that may be claimed annually, the value of which is equal to 25% of the value of mortgage interest payments (up to $2,000) paid each year, for the life of the loan (i.e. until payoff, sale, refinance or transfer).

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

Calculating the Value of an Maryland HomeCredit

The size of the tax credit received by a homeowner with a HomeCredit is 25% of that year's mortgage interest payments, up to a maximum credit of $2,000 in any single year. 

Note that the actual net savings due to the HomeCredit are likely to be less than the face value of the tax credit, since the value of the of interest payments associated with the tax credit (25% of total interest payments) cannot also be used as a standard mortgage interest deduction. 

The following example shows a typical calculation:

 

 

Our downloadable calculator can help you estimate how a Maryland HomeCredit can provide you with savings over the life of a loan. 

Maryland HomeCredit Fees

 

 

GET STARTED - Talk to an Approved Maryland HomeCredit Lender

Help You Can Use During The Holidays

December, 2014    NEED HELP PAYING YOUR HEATING OR ELECTRICITY BILLS THIS WINTER? Mary's Center may be able to help! If you are a Prince George's County resident in need of utility assistance, you may be eligible for a one-time grant up to $500 towards your gas or electric bill. Eligibility Requirements:  You reside in Prince George's County, Maryland You are unable to pay your utility bill because of financial hardship Your income is at or below the poverty level You are at risk for disconnect from your gas or electric service You have not received help from Mary's Center in the past 12 months ¡Se habla español! Interested? Call us at (202) 545-2024 to learn more or set up your appointment today! Or, email us at EnergyAssistance@maryscenter.org for more information! This Energy Assistance Program is made possible by the generosity of The PHI Community Foundation. Mary's Center, founded in 1988, is a Federally Qualified Health Center that provides health care, family literacy and social services to individuals whose needs too often go unmet by the public and private systems. Mary's Center uses a holistic, multipronged approach to help each participant access individualized services that set them on the path toward good health, stable families, and economic independence. The Center offers high-quality, professional care in a safe and trusting environment to residents from the entire DC metropolitan region, including individuals from over 110 countries.

Forward this email This email was sent to angelbrown@kw.com by hope@hopefinancial.org |   Update Profile/Email Address | Rapid removal with SafeUnsubscribe™ | Privacy Policy. Housing Options & Planning Enterprises, Inc. (H.O.P.E.) | 6188 Oxon Hill Rd. | Suite 700 | Oxon Hill | MD |20745

Buy Suitland Program Workshop in July

Date:               Saturday, July 28, 2012

Time:               11:00 am to 12:30 pm

LOCATION:            Centro D Apoyo Familiar (CAF)

6801 Kenilworth Ave Suite 201

Riverdale MD 20737

Facilitator:  James Adamson, 1^st Mariner Bank

rsvp required:  hstokes@co.pg.md.us

There is no fee for the class.  Attendees will receive your certificate of completion at the end of the workshop.

 REGARDS,
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Yetta Stokes

Sr. Processor

My HOME/BUY SUITLAND Programs

Prince George's County Department of Housing & Community Development

301-883-7409 ofc.

301-883-5291 fax

www.princegeorgescountymd.gov/MyHOME   

www.princegeorgescountymd.gov/BUYSUITLAND

HOMEBUYER WORKSHOP THIS WEEKEND

HOMEBUYER WORKSHOP

SCHEDULE FOR

My HOME and Buy Suitland

Homebuyer Assistance Programs

When:         Saturday, June 16, 2012

Time:          11:00 am – 12:30 pm

Location:    Keller Williams Realty

9701 Apollo Drive

Upper Marlboro, Maryland 20774

RSVP:  hstokes@co.pg.md.us

Buyers will learn about the My HOME and Buy Suitland programs.  They will also learn about the 203K loan program.

 REGARDS,
[]____________
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``)¨(´´ | | [1][1] | | [1][1]| |
¸,.-·²°´ ¸,.-·~·~·-.,¸ `°²·-. :º°
Yetta Stokes
Sr. Processor
My HOME/BUY SUITLAND Programs
Prince George's County Department of Housing & Community Development
301-883-7409 ofc.
301-883-5291 fax
www.princegeorgescountymd.gov/MyHOME   
www.princegeorgescountymd.gov/BUYSUITLAND

Fight to STOP the County's 20% Recordation Tax INCREASE!

President's Letter County Budget; Hard on Real Estate Join us this Monday at 7 pm Fight to STOP the County's 20% Recordation Tax INCREASE! Please make every attempt to attend the Prince George's County Council Budget Hearing. By showing up in force, we send the message that PGCAR Members care about home ownership and will stand together to oppose this increase!   Prince George's County Fiscal Year 2013 Budget Hearing Monday, May 7 at 7 pm County Administration Building 1st Floor Hearing Room 14741 Governor Oden Bowie Drive Upper Marlboro, MD 20772 Contact County Executive Rushern Baker and Your County Council Take Action Today > Recently, County Executive Rushern Baker released his budget proposal for fiscal year 2013. We applaud Mr. Baker's commitment to education and public safety; however, as a representative of the trade association representing over 2,500 Prince George's County real estate professionals - and the only voice for the homeowners they serve - we, as REALTORS®, have grave concerns about this budget's negative effect on housing. The FY 2013 County Budget proposes a 20% increase in the County property transfer recordation fee, raising it $1.00 per $1,000 in home sale price. That's an additional $300 in closing costs on a $300,000 home purchase. Upfront buyer closing costs - including recordation fees, transfer taxes, property taxes, down payments and lender fees - are the largest impediment to homeownership. Much to our dismay, Prince George's leads the Maryland DC Metro area in closing costs. In a statewide comparison, Prince George's ranks 3rd in closing cost expense; higher than 21 other Maryland Counties. Additionally, at 1.4% of the closing price, Prince George's ranks 1st in the Maryland DC Metro area in transfer tax burden. For another "first," Prince George's leads the Maryland DC Metro area in property taxes; besting our neighboring jurisdictions Montgomery County and Calvert County by approximately 30% and 32%, respectively. Another disheartening point is that our citizen homeowners disproportionately fund this budget through real estate taxes that provide over 70% of County tax revenue.   Alease Bowles 2012 PGCAR President Homebuyers are already struggling to get the necessary capital together to buy homes. This increase lessens their ability to purchase. For sellers, it lessens the pool of ready, willing and able buyers seeking to enter the marketplace. Unfortunately, the County is experiencing a very challenging housing market. Prince George's single family property settlements are down 4.1% compared to March 2011; condominium settlements are down 5.7% compared to March 2011. Property values are at extreme lows compared to prior years, and foreclosures and short sales dominate the market. Real estate traditionally leads the economy out of recession and we are poised to do that again as our market stabilizes. Increasing housing costs, however, is counterproductive to rebuilding our local economy and a barrier to stabilizing our local real estate market. We urge County Executive Baker to rethink this unwise proposal. We call on all County residents to contact your elected Council member to express your concerns on this matter. Sincerely, Alease Bowles President, Prince George's County Association of REALTORS®, Inc. PGCAR leadership, over 160 members, and our PGCAR and MAR Government Affairs Directors have already either met with, emailed and/or called our Council members, urging them to oppose this increase in Prince George's County recordation fee.  Please get involved. Attend the Budget Hearing this Monday, May 7 and CLICK HERE  to email your County Executive and Council Members today! President Alease Bowles Letter to Council Members > Recordation Tax and Closing Costs Talking Points >

Prince George's County Association of REALTORS® 9200 Basil Court  :  Suite 400 : Largo MD 20774 Phone 301-306-7900  :  Fax 301-306-8273  :  www.pgcar.com  :  ©2012 PGCAR

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