Real Estate Report

(Dec. 21, 2018) In recent articles, various Maryland Mortgage Program (MMP) initiatives have been highlighted.

The MMP helps homebuyers in Maryland achieve their dream of homeownership through a range of programs that make purchasing and owning a home more affordable.

Below is a one initiative not yet described that can really help homeowners save for years after their initial purchase.

The Maryland HomeCredit Program provides eligible homebuyers with a federal tax credit that may be claimed annually, the value of which is equal to 25 percent 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).

A Maryland HomeCredit can save a homeowner tens of thousands of dollars over the life of a home loan, and makes owning a home even more affordable.

Receiving the Maryland HomeCredit requires homebuyers to apply through an approved mortgage lender at the same time as they apply for a home loan.

Many, though not all, approved MMP mortgage lenders are approved to assist homebuyers with an application for a Maryland HomeCredit. The list of approved lenders is available at

Initial processing fees do apply to receive the Maryland HomeCredit. Processing fees are payable to the Maryland Department of Housing and Community Development (administrators of the Maryland Mortgage Program).

These fees vary based on whether the homebuyer is also applying for a home loan through the Maryland Mortgage Program. The mortgage lender completing the application on behalf of the homebuyer may also collect processing fees, at their discretion and up to maximum amounts.

The standard processing fee for an MMP borrower is $450, and the lender processing fee is up to $350.

— Lauren Bunting is a licensed Associate Broker with Bunting Realty, Inc. in Berlin.

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