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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

Realtors Give Back!

PRINCE GEORGE’S COUNTY ASSOCIATION OF REALTORS®

9200 Basil Court, Suite 400  •  Largo, MD 20774

301-306-7900 phone  •  301-306-8273 fax  •  pgcar@mris.com

FOR IMMEDIATE RELEASE

May 22, 2014

CONTACT:   

Joan Ostenso, Executive Vice-President – 301-306-7900jostenso@pgcar.com

                        Don Frederick, Chair, Scholarship Committee – 240-601-4690

                        
County REALTORS^® Award $8,000 in Scholarships to High School Seniors

The Prince George’s County Association of REALTORS®, the county’s leading advocate for real estate and private property rights, is presenting three Prince George’s County high school seniors with $2,500 college scholarships, and one $500 scholarship through the Association’s David Maclin Memorial Scholarship Fund.

The David Maclin Memorial Fund, is one of the Association’s premiere community service endeavors. In honor of the late REALTOR David Maclin’s contributions to Prince George’s County, the fund recognizes a student’s commitment to community service, based on the theme “How I Made A Difference In My Community”.

At a special “Fun Run” 5K event on April 12^th, at the Community of Marlboro Ridge, four Prince George’s County senior graduates were recognized for their scholarship. In addition, over 100 REALTORS and others participated in the run to raise money for the fund to help sustain its future availability to Prince George’s County students.

“It’s not easy reading and picking just a few essays because you want everyone to win”, said  committee member, Linda Simpson.  “Some of these students really work hard and are making a difference in their community and it’s just amazing”, commented Donald Fredrick, Chair of the David Maclin Scholarship Committee.

“I like to hear the stories of how the scholarship has helped each recipient and to see them after they graduate college” said Juanita Maclin, the Co-Chair of the Scholarship Committee and the wife of the deceased, David Maclin.

Those that received this year’s 2014 scholarships are:

Dy’Mon Walker of Henry A. Wise, Jr. High School is planning to attend Spelman College – Awarded $2,500

Amarachi Ekekwe from Bladensburg High School will attend Bucknell University –Awarded $2,500

Natassja Pupuma of Henry A. Wise, Jr. High School will attend Morgan State University – Awarded $2,500

Faith Esene of Charles Herbert Flowers High School, will attend The University of Maryland – Awarded $500  

PGCAR is the voice for REALTORS^® in Prince George’s County, Maryland. Representing more than 2,800 real estate professionals in the national capital area, PGCAR provides numerous services vital to its members' daily business needs. It also works with lawmakers to ensure public policy that encourages homeownership, promotes an environment conducive to business growth and works to improve the communities in which its members live and work. 

Michael Graziano

Director of Government Affairs

Prince George’s County Association of REALTORS, Inc.

9200 Basil Court, Suite 400

Largo, MD 20774

O 301-306-7900

mikeg@pgcar.com

Rental Listing in Clinton Available Now!

Connect with me on:

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

Add frank@frankgodfrey.com to your safe senders list. Click here for directions.

Want To Qualify For First Time Home Buyer Grant Programs?

There are plenty of grant programs offered by different Counties within Maryland.  In order to qualify for those programs you must take a Home Buyer class that teaches you, not only the components involved with buying your home, but also what it takes to keep your home.  Some of these grant programs provide upwards of $40,000 so it would be advantageous to do whatever is necessary to partake in these grant programs.  We recommend joining the Home Buyer's Club with Hope Financial.  They also offer a Fast Track class but we know there's no fast way to learn what it takes to achieve the American dream of home ownership.  See the comparison below.

HOMEBUYER’S CLUB VS. FAST TRACK BENEFITS CHART

Keller Williams Preferred Properties has invited Hope Financial into our office to offer the Fast Track class on January 11, 2014 from 9 - 5 pm.  You must call Hope Financial directly in order to register, 301-567-3330.  We thought this would make it easy on our wonderful clients who have already know where our office is.  Register to get your grant money today.  As I always tell my personal clients, if we don't use the money they'll stop offering it.  So use the money. 

Don't Wait Until It's Too Late #Foreclosures

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There's a new post on Mdhousing's blog, The Foreclosure Process Made Simple: Chart Gives Consumers Clear Guide to Their Rights and Responsibilities. Baltimore - The Maryland Housing Counseling Network, Inc. has a consumer-friendly chart of the state's foreclosure process, outlining in a clear, easy-to-follow format what homeowners who are behind in their mortgage can expect from lenders and matching each step in that process with what homeowners can do to get help.    The chart helps illustrate the importance of seeking counseling through the state's MD HOPE Counseling Network as early in the process as possible; and of opting-in for foreclosure mediation through the Office of Administrative Hearings. Here's how. Maryland was one of the first states to give homeowners that option, in the hopes of encouraging lenders to work with families to find sustainable alternatives to foreclosure. However, it should be noted that the chart does not include early mediation, the newest step in the foreclosure process. Early mediation, which goes into effect Oct. 1, gives homeowners in financial trouble the option to seek mediation before lenders take them to court. The goal is to bring the parties to the negotiating table even earlier in the process, when more options may be available. Early mediation was one of three key measures recommended by Governor O'Malley's foreclosure task force and passed this year by the legislature by wide bipartisan margin. The legislature also established a statewide foreclosed property database and a tax credit for families that buy a foreclosed property as their principal home. Taken together, the measures reflect the Maryland Foreclosure Task Force's dual strategy for coping with what it called the "harsh reality" that the crisis will continue for some time - the new measures give beleaguered homeowners additional time to find alternatives to foreclosure and they give state and local governments new tools to help neighborhoods rebound from the blight of vacant and foreclosed properties. The measures also build upon the sweeping reforms enacted under Governor O'Malley's leadership since 2007 in response to the most severe national housing crisis since the Great Depression. Maryland foreclosures peaked during the fourth quarter of 2009 and have been declining ever since. But foreclosures have inched up in recent months as lenders adjust to regulatory reform and the state's housing market gets stronger. Subscribe to Community Review, the official blog of the Maryland Department of Housing and Community Development,to get the latest in housing and community development news.

Forward email This email was sent to angelbrown@kw.com by hallw@mdhousing.org |   Update Profile/Email Address | Instant removal with SafeUnsubscribe™ | Privacy Policy. Maryland Department of Housing and Community Development | Maryland Department of Housing | 100 | Community Place |Crownsville | MD | 21032

HIP’s Homebuyer University

Interested in buying a home?

Now is the time to get your degree from HIP Services’ Free Homebuyer University

                                                      

This 8-hour homebuyer workshop will arm you with the knowledge and confidence to jump into the real estate market and make the right choices for you.

Workshop topics will include:

·         Getting your financial ducks in a row

·         How much house can I afford? (And do I want as much house as I can afford?)

·         Will the bank say YES?

·         Don’t lose your shirt – how to avoid predatory lenders

·         How do I buy a foreclosed property and do I want one?

·         Where to find free down payment money…sort of

·         The daunting closing documents and procedures

·         I got my dream house – now what??

·         Am I in to stay?  How to avoid foreclosure

Location and Time:

Upper Marlboro, MD

Saturday October 8, 2011

9am to 5pm

**Lunch will be served**

MATERIALS: You will receive a valuable workbook filled with information, examples and resources for buyers.

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

REGISTER:  To register for the workshop, have your client contact Cherelle Silue at 301-699-8031.

New Clinton Listing!

Updated DC Victorian Home

NSP APPLICATION DEADLINE!!!

FUNDING ALERT AND APPLICATION DEADLINE OF FRIDAY, FEBRUARY 19FOR PRINCE GEORGE'S COUNTY DOWN PAYMENT ON YOUR DREAM (NSP) PROGRAM Due to the unprecedented demand for down payment and closing costs assistance through the Prince George's County Neighborhood Stabilization Program we are quickly depleting available funds. As a result, FRIDAY, FEBRUARY 19, 2010 will be the deadline for application intake. Funding will be awarded on a first come first completed basis, until all funds are depleted. Lenders must make sure they have followed the lenders checklist when submitting their files. No accommodations will be made for missing items. All incomplete files will be returned. Please note that funding has been earmarked for all applications submitted to NSP to date. The entire NSP staff would like to thank each of our Lender and REALTOR® Partners for participating in such a beneficial program. Since the Program began 6 months ago, we have assisted more than 475 families with their down payment and closing costs in their quest to become homeowners. We are very proud of our accomplishments and are equally proud of the teamwork from our Lender and REALTOR® Partners. If you have any questions please contact: Rosalyn B. ClemensNSP Project Manager301.883.3288

Tax Credit Update - 10 Facts

10 Important Facts about the Extended First-Time Homebuyer Credit

IRS Special Edition Tax Tip 2009-13
If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.

Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it.

You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.

If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.

For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.

A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.

The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.

The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.

No credit is available if the purchase price of the home exceeds $800,000.

The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.

A dependent is not eligible to claim the credit.

For more information about the expanded First-Time Homebuyer Credit, visit IRS.gov/recovery.

Links:
First-Time Homebuyer Credit
IR-2009-108, First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify

YouTube Videos:
Recovery: New Homebuyer Credit - November 2009
Consejo Tributario: Consejos Tributarios de Fin de Año Noviembre 2009

Source: http://www.irs.gov/newsroom/article/0,,id=215827,00.html. Retrieved on December 29th, 2009

Angel S. will Race for the Cure on behalf of her clients

This year, I'll be participating in an incredible event called the Susan G. Komen Global Race for the Cure®.
More than 50,000 people will all gather on the National Mall on June 6 to take a stand in the global movement to end breast cancer. Each year, up to 75 percent of the Komen Global Race's net income stays in the Washington, D.C. metropolitan area to fund local screening, treatment and education programs for the medically underserved. The remaining dollars support the Global Promise Fund, a program of Susan G. Komen for the Cure, which is dedicated to reaching underserved people in areas where breast cancer mortality rates are the highest.
I have clients and past clients that are survivors of breast cancer. Some of my clients and past clients have lost loved ones to this desiese. Because of that this cause is near and dear to me.
I've set my personal goal at $125. So I need your help. You can give online at www.GlobalRacefortheCure.org. Just follow the link below to visit my personal fundraising webpage and make a donation.
Without a cure, an estimated 25 million women around the world will be diagnosed with breast cancer - and 10 million could die over the next 25 years. That's why I'm joining the fight. I hope that you'll support me.
Thank you in advance for your generosity!
Sincerely,
Angel S.Godfrey Realty Group @ Keller Williams Preferred Properties240.737.5052
P.S. Ask your employer if they will double your donation through a matching gift program!
Click here to visit my personal page.
http://www.info-komen.org/site/TR/GlobalRaceForTheCure/GlobalRace?px=4128484&pg=personal&fr_id=1140&et=kCh-D6b3xtN8NuXev2cmBQ..&s_tafId=19070