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Today we are talking about a very cool program for 1st time home buyers in Maryland, and we have invited Mike Archer from First Home Mortgage to talk about it.
The program is called the Maryland Home Credit and it offers 1st time home buyers up to $2,000 in tax credit. The state of Maryland is offering a credit of up to 25% of the interest that the buyer pays over the course of the year. The credit will continue for the life of the loan so you could save as much as $60,000 over the course of a 30-yr mortgage.
This program is in its infancy. It was just released on July 1, and so far it's a helpful program that needs a little bit more exposure. The lack of promotion for a great opportunity like this is probably due to the fact that there are currently only 5 lenders that are qualified to participate in this program. If you are talking to a non-participating lender, chances are you won't hear about this incredible chance to save a substantial amount on your mortgage payments. If you are looking to purchase your first home, this definitely isn't an opportunity to let pass you by.
The program is called the Maryland Home Credit and it offers 1st time home buyers up to $2,000 in tax credit. The state of Maryland is offering a credit of up to 25% of the interest that the buyer pays over the course of the year. The credit will continue for the life of the loan so you could save as much as $60,000 over the course of a 30-yr mortgage.
This program is in its infancy. It was just released on July 1, and so far it's a helpful program that needs a little bit more exposure. The lack of promotion for a great opportunity like this is probably due to the fact that there are currently only 5 lenders that are qualified to participate in this program. If you are talking to a non-participating lender, chances are you won't hear about this incredible chance to save a substantial amount on your mortgage payments. If you are looking to purchase your first home, this definitely isn't an opportunity to let pass you by.
Just give us a call if you have any questions about the program and we will get you taken care of.
