First time home buyers credit – The State of Maryland has a great program to help home buyers obtain home ownership and now first time home buyers can qualify for the the Maryland Mortgage Program!
If you have not owned a home in the past three years in the State of Maryland, there is an EXCELLENT chance you will will be eligible for assistance of $5,000 at a MINIMUM. And, even if you have owned a home in the past three years, there are targeted areas where you can buy again without the 3 year wait. For example, the entire City of Baltimore is classified as targeted so anyone can get $5,000 in assistance as long as they don’t own any other property when they go to settlement.
The Maryland Mortgage Program offers $5,000 in assistance or potentially more depending on the your employer for down payment or closing cost assistance. So, if are purchasing a $200,000 home and you need 3.5% of the purchase price ($7,000) as a down payment, this program will give you $5,000. If you receive a full seller contribution for the closing costs you only need to come up with $2,000 of your own monies!
First time home buyers credit income limits are very HIGH using this program and it is available in every county in Maryland. Another fact is that this program always has money available. Check it out for yourself at www.mmprogram.com. The income limits vary – you can qualify for this grant in Prince George’s, Montgomery, Calvert, Frederick and Charles counties for a 2 person household making $129,000 or less (3 person household is $150,500 or less). And, in Baltimore, Baltimore City, Howard, Anne Arundel, Harford and Carroll counties buyers can qualify for a 2 person household making $102,720 or less ($119,840 for a 3 person household)!
Quick side note, all counties in Maryland qualify…We only listing some of the counties in Maryland here as an example.