(June 26, 2020) Are you looking to buy a home in Wicomico County? The Maryland Department of Housing and Community Development, in partnership with Wicomico County, is providing attractive financial incentives to help make buying new construction homes even more affordable.
This program is available through the Maryland Mortgage Program (MMP), and is specifically called the Maryland Mortgage NewBuild for Wicomico County. It offers several ways to save money both today and for years to come with the following incentives:
• 0.25 percent interest rate reduction on a fixed rate Maryland Mortgage loan
• $5,000 down payment assistance through a zero percent deferred loan
• Tax credit savings through the Maryland HomeCredit (Maryland’s “mortgage credit certificate,” which provides eligible homebuyers with an annual credit that may be applied to federal income taxes)
• Wicomico County is waiving impact fees associated with newly-constructed single family homes
Maryland Mortgage NewBuild loans are provided the MMP. Homebuyers can apply for a Maryland Mortgage Program home loan through one of more than 80 approved mortgage lenders.
Loan officers from these approved organizations can help homebuyers customize a home loan package that’s right for them, and will collect, review and submit all relevant documents during the loan application process.
To use the Maryland Mortgage Program, the total household income of homebuyers needs to be at or below certain limits, and those limits vary by location and household size.
Household income is the combined incomes of all people 18 years of age or over who live in a household.
Visit https://mmp.maryland.gov to get more information on this program and eligibility requirements.
– Lauren Bunting is an Associate Broker with Atlantic Shores Sotheby’s International Realty in Ocean City.