Maryland HomeCredit Program
- Tax Credit
- Statewide
Summary
The Maryland HomeCredit program provides a federal tax credit to first-time homebuyers, equivalent to 25% of their mortgage interest payments in a given tax year, potentially saving tens of thousands of dollars over the life of the loan. This program was closed for new reservations on June 19, 2020. To be eligible, the borrower must not have owned a principal residence in Maryland previously.
Eligibility Requirements
- The applicant(s) must must be a first-time homebuyer, defined as someone who has not owned a home in the past three years.
Total household income must not exceed certain limits, which vary by location and household size. - The applicant(s) must must purchase a home in Maryland and will be the primary residence.
- The applicant(s) must must obtain a mortgage from an approved lender and meet their credit and underwriting requirements.
- The applicant(s) must must complete a homebuyer education course from a HUD-approved counseling agency.
- The applicant(s) must must contribute a minimum of $1,000 of their own funds towards the purchase of the home.
- The applicant(s) must must apply for the program through an approved lender and submit all required documentation.
Contact Information
Maryland Mortgage Program
7800 Harkins Road
Lanham, MD 20706
1-800-638-7781