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You've Earned It Downpayment Assistance Program

The MMP "You've Earned It" Initiative

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You’ve worked hard to get your education, and it didn’t come cheap. For many people, investing in an education means carrying long-term student debt, which can become a barrier to achieving the dream of homeownership.

For a short time, the Maryland Mortgage Program is offering a 2.75% mortgage rate* and up to $10,000 in Down Payment Assistance to qualified homebuyers who have a student loan debt of $25,000 or more.

The MMP “You've Earned It!” program is open to potential homebuyers who are buying a home through the Maryland Mortgage Program in one of Maryland’s “Sustainable Communities”.

For all program details and eligibility requirements, please refer to the MMP "You've Earned It" Fact Sheet.

_{*APR (Conventional) - 3.159%; APR (FHA) - 3.738%; APR (VA) - 2.914%. Please contact a participating lender for further details on the APR.}

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Sustainable Communities

Maryland's Sustainable Communities are regions across the state where governments, business and communities cordinate investments to achieve sustainable growth,good jobs and thriving neighborhoods.

The Department of Housing and Community Development (DHCD) has created anonline mapping tool to help you identify whether a property is in a Sustainable Community simply by typing in a street address.  

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Getting Started

If you're ready to take advantage of this special program:

1. Talk to a Lender - Your lender can help you confirm your eligibility for the Maryland Mortgage Program and the You've Earned It! initiative and will make sure you meet all the requirements, such as attending the right Homebuyer Education Class.  
2. Check Your Eligibility to see whether you can apply for an MMP loan. Note that being eligible to apply does not guarantee approval, and lenders will take into account things like your income, credit history and employment situation when considering your application.
3. Complete a Homebuyer Education Class - Completing a Homebuyer Education prepares you to make the right decisions when purchasing your home.  Homebuyer Education classes are available throughout Maryland, and are provided by a range of Community and Non-Profit organizations as well as local government housing agencies.
4. Learn about Down Payment Assistance - The Maryland Mortgage Program provides help in the form of Down Payment Assistance (DPA) alongside a range of Partner Match programs from employers, developers and community organizations that can cover down payment and closing costs.

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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

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

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KELLER WILLIAMS PREFERRED PROPERTIES | 9701 Apollo Drive, 102 | Upper Marlboro | MD | 20774

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Available Listing - 2301 Penrod Ct Upper Marlboro MD 20774

Connect with me on:

KELLER WILLIAMS REALTY | 9701 Apollo Drive, 102 | Upper Marlboro | MD | 20774

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5836 E. Boniwood Turn, Clinton MD 20735 - For Sale!

How the Shut Down Impacts Your Mortgage Loan Processing

The Federal Government shutdown has occurred. 

So what does this mean to you, in general?  For the most part not much, unless it is for an extended period.  The most serious impacts are felt by USDA buyers.  Below is a general outline of what affects it will have on our industry.  These affects may change by lender.

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 FHA Loans

·         Lenders will be able to obtain a FHA case number from the FHA Connection

·         Limited FHA staff to respond to questions

·         CAIVRS will be available to determine if a borrower has a delinquent federal debt

·         FHA Total Scorecard will be available

·         FHA will collect the Upfront MIP during a shutdown

VA

·         The Department of Veterans Affairs (VA) will continue to operate if there is a government shutdown, which means lenders will be able to continue originating VA-guaranteed loans.  Both lenders and borrowers will be able to obtain the Certificate of Eligibility online, and they will still be able to submit applications and follow up on COEs that require more research with the Atlanta Eligibility Center.

Will VA loans be adversely affected in any way?  Answer = no

USDA

·         Indications are that Rural Development will cease all but essential functions and no new loans or guarantees will be made.

Will we be able to obtain a conditional commitment?  Answer = No

Can we close a loan without the conditional commitment?  Answer = No

Can we close a loan if we have the conditional commitment?  Answer = Yes

Internal Revenue Service (IRS)

·         The IRS will NOT process any forms, including tax transcripts (Form 4506T).

Can we close loans without the tax transcripts?  Answer = No

Social Security Administration (SSA)

·         The SSA will likely NOT be able to verify social security numbers.

Can we close loans without verifying the social security number?  Answer = No

Fannie and Freddie

·         Fannie and Freddie would not be directly affected, except to the extent they rely on verification and other functions of HUD, IRS, and SSA.

Federal Reserve

·         The Federal Reserve – including the reserve banks – is not funded through the annual appropriations process;  thus a government shutdown would have no impact on Federal Reserve operations, including payment system and open market functions.

Consumer Financial Protection Bureau (CFPB)

·         The CFPB is not funded through the annual appropriations process; thus a government shutdown should have no impact on CFPB operations.

FEMA Flood Insurance

·         It is likely that mapping issues or amendments will be impacted.

·         Most functions will be unaffected because of their use of contractors and public/private partnerships.

Will I be able to get flood insurance?  Answer = yes

If the subject property is not yet mapped by FEMA and needs research by FEMA will my loan be affected?  Answer = yes

Can I close the loan if mapping research cannot be completed by FEMA?  Answer = no

Call or email me with any questions.

George Flower IIINMLSR ID 193157

Branch Sales Mgr - Prod
Prosperity Mortgage Company | 590 Baltimore PK FL 1 | Bel Air, MD 21014
Phone (410)274-7252| Fax (866)359-2062

george.floweriii@prosperitymortgage.com

www.georgeflower.com

Foreclosure Prevention from Secretary Raymond Skinner

Message from the Secretary: Please Do Not Tune Us Out I worry that our "Mortgage Late? Don't Wait!" message may begin to fall on deaf ears. We've been fighting this foreclosure crisis for well over five years, now. Our Office of Community Outreach has participated in nearly 700 foreclosure prevention workshops and forums and we have reached well over one million Marylanders through direct mail, our website, advertising and our 24-hour MD HOPE Hotline. Our message has been simple: if you are late on your mortgage, do not wait to call us for help! But sometimes, when you say the same thing over and over again, the very people you need to reach will begin to tune you out. We know how scary it can be for a family to face losing their home; it is like seeing all of your hopes and dreams collapse into a nightmare. We know that a homeowner engulfed in such a nightmare can reach a point of paralysis and indecision that is a lot like being in shock. Yet there is nothing we can say that gets more directly to the point: We cannot save every home. But we can help every homeowner who contacts one of our MD HOPE counselors navigate the Byzantine foreclosure process and find the best, most sustainable solution for their family. Many families may receive mailings from DHCD in upcoming days. I urge you to open them. Those letters will contain important information about upcoming workshops and forums, designed to put you in direct contact with the resources and the information you need. In This Issue Sesame Street is Helping Families Foreclosure Mediation Works MD Foreclosures Rose - 2012 Counseling Agencies Receive $11.8 Million in Funding MD exceeds $1.1 Billion in Mortgage Settlement Relief Sec. Skinner on WEAA Radio Cong. Cummings Plans June Foreclosure Prevention Workshop Study: Homeowners Less Likely to Default if They Get Counseling S P O T L I G H T Refi Workshop Brings Homeowners and Lenders Together   More than 500 homeowners met face-to-face with lenders and nonprofit housing counselors on April 6 to get help refinancing through the federal Home Affordable Refinance Program, which is scheduled to expire on Dec. 31. Read More   F E A T U R E    S T O R I E S Sesame Street is Helping Families in Financial Trouble   Face the Tough Questions Elmo, the iconic Sesame Street Muppet asks, "Why isn't mommy at work today?" That's a tough question from a Muppet; it's even tougher from a small child whose parents are in danger of losing their home.. Sesame Street has launched the "Families Stand Together" initiative to help families find ways to address that and many other questions as even many middle class families struggle with the stress and uncertainty in the wake of one of the most prolonged economic downturns since the Great Depression. Read More Foreclosure Mediation Works -   But You've Got to Work At It    Maryland counselors have been urging families to explore mediation as a means of bringing the lender to the negotiating table to find sustainable alternatives to foreclosure. But even with mediation, the path to a solution isn't easy. "Even people working with this on a daily basis sometimes come in thinking mediation will bring about a magical transformation in the lender, but it doesn't," says Jessica Smith-Harper of Mid-Shore Pro Bono, a legal services counseling agency on the Eastern Shore. "But, in the end - in almost every case - a decision is eventually made that is favorable to the homeowner. Even if it's not exactly what they hoped for, in almost every case the result is close enough for the homeowner to be able to regroup financially and move forward. They just have to stick with it and be persistent." Read More    I N   T H E   N E W S Foreclosures Rose in 2012, But Remained Below National Average Maryland foreclosures rose nearly 20 percent in 2012 as lenders, encouraged by the state's improving housing market, finally began addressing their backlog of seriously delinquent loans. Read More Maryland Foreclosure Prevention Counseling Agencies Get $11.8M  Secretary Skinner joined Lt. Governor Anthony Brown and Attorney General Douglas Gansler to announce the award of $11.8 million over three years to the 39 foreclosure prevention counseling agencies belonging to the MD HOPE Counseling Network. Read More Mortgage Settlement Relief in Maryland Exceeds $1.1 Billion Distressed Maryland homeowners received more than $1.1 billion in relief through the National Mortgage Settlement during the first 10 months of the program, according to a progress report by the court-appointed monitor. Read More Secretary Skinner Talks About Seeking Help on WEAA Radio Secretary Skinner urged homeowners facing foreclosure to seek help as early as possible by calling the Maryland HOPE Hotline Counseling Network at (877) 462-7555. "I certainly would encourage people in financial difficulty not to go it alone in terms of working with their lender," Secretary Skinner said during an interview with hostess Deborah Owens on WEAA-FM Wealthy Radio. Read More Cong. Cummings Plans JuneForeclosure Prevention Workshop When Seventh District Congressman Elijah Cummings worked in partnership with DHCD to host his first foreclosure prevention workshop in June 2009, the response was overwhelming. Nearly 1,000 distressed homeowners showed up to meet face-to-face with counselors, lenders and pro bono attorneys during the one-day event. Read More  Study: Homeowners Less Likely to Default if They Get Counseling Before They Buy      A new study is confirming what intuition and common sense already suggested: homeowners who went through pre-purchase counseling were less likely to fall behind in their mortgage payments than those who didn't. Read More

Copyright © 2013. All Rights Reserved.

Maryland Money for Veterans Still Available

You want this Clinton listing.

Free Grant Money for First Time Home Buyers - Buy in Suitland

Buy Suitland

Important Events HQS Workshop (PDF) Lender/Realtor Training Schedule (PDF) Homebuyer 203k Workshop Schedule (PDF) Map of Buy Suitland Target Areas (PDF) Download Brochure Download Brochure (PDF)

Buy within walking distance of the Metro, walk to work at the Suitland Federal Center, be a part of the revitalization of Suitland. The Buy Suitland Program offers an exciting opportunity to purchase a home in the Suitland Neighborhood Stabilization target area, anchored by the Suitland metro station, the Suitland Federal Center, and the planned mixed-use Suitland Manor Redevelopment Project. Through the Buy Suitland Program, income eligible, credit worthy, first time home buyers can receive up to $40,000 in down payment and closing costs assistance, to purchase a foreclosure or short sale property. Take advantage of this great program, become a homeowner and be a part of the Suitland renaissance!

This website outlines specific guidelines for the homebuyer, realtors and lenders. It also provides a self-assessment test to determine if you are ready to apply to the Buy Suitland Program.

Use this link to ensure your property is located in one of the eligible census tracks:
www.ffiec.gov/geocode/default.aspx

Got Grant Money? Get Some by Attending this Home Buyer Workshop.

Are you interested in buying a home?

Now is a good time as any to buy a home!

JUST $25.00 for this 8-hour interactive homebuyer workshop

Workshop topics will include:

ü Getting financial fit to buy a home

ü Understanding why credit is important

ü Will the bank say YES?

ü Where to find free down payment money…sort of

ü Shopping for a home

ü The daunting closing documents and procedures

ü I got my dream home - now what??

ü How do I protect my investment

Location and Time

Toll Brothers Marlboro - Ridge Community Center
11401 Marlboro Ridge Road
Upper Marlboro, MD
Saturday, February 25, 2012
9am to 5pm

**Lunch will be served**

Upon completing the 8-hour workshop you will receive a “Certificate of Completion” which is a prerequisite to applying for many down payment/closing cost assistance programs, including the Prince George’s County My Home Program, and the State of Maryland CDA Program.

TO REGISTER: have your client call today - Cherelle Silue at 301-322-5700 ext.119

Call today space is limited!!

FREE 1st Time Homebuyer Course. Qualifies You for Money!

There’s always help with H.O.P.E.

Housing Options & Planning Enterprises, Inc.

Home Buyer Education Seminar

Covering

The Home Buying Process

Loans & Mortgages

Title and Homeowners Insurance

Credit Management

Money Management

Note: This is a FREE seminar and satisfies the Maryland Mortgage Program (CDA) requirements for Anne Arundel County and ALL other County, State and Federal Downpayment Assistance Program requirements for Homebuyer Education.  Certificates will be issued at the conclusion of the workshop to all attendees.

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Seminar Date & Location

Saturday January 21, 2012

9:00 a.m. - 5:00 p.m.

The Stanton Center

92 West Washington Street

Annapolis, MD 21401

Space is Limited.  For reservations please call 301-567-3330 or you may register online at www.hopefinancial.org