Home Buying in 20852>Question Details

Sanu, Home Buyer in 20852

What are the financial credits/options available for first time home buyer?

Asked by Sanu, 20852 Wed Feb 18, 2009

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Maryland has .25% credit on the transfer taxes. Montgomery County has the HOC program that can be used for down payment and closing costs. Check out the web reference for more details....
http://www.maryland-fha-loans.com/HOC.html
Fha allows up to 6% seller contributions towards closing costs (regardless if the buyer is a 1st time home buyer or not). The $8,000 tax credit can be received this year even if the buyer has already submitted their 2009 taxes (this is after settlement). I don't know of any other credits for Montgomery County. P.G. county has the NSP program which is close to running out of funds and Frederick county has the NCIS program. Other then those, I do not know of any other programs/credits for 1st Time Homebuyers in Maryland.
0 votes Thank Flag Link Thu Feb 18, 2010
In addition to the mortgage items Bruce mentioned in his post there are some federal and local financial credit programs available. I notice by your zip code you are from Rockville. In addition to the federal first time home buyer credit of $8,000 there are programs available from Montgomery county and the city of Rockville.

If you contact me I can send you some information and give you some websites to check out.

Now is a great time to buy!
0 votes Thank Flag Link Wed Feb 18, 2009
Hi Sanu,

As a buyer, you can negotiate credits to pickup closing costs from the seller. This is true of any buyer -- first time or otherwise. Your chosen mortgage will determine *how much* this credit can be as a percentage of the sales price. Bottom line -- there are several common mortgage programs that are available allowing the seller to pickup closing costs.

I would be happy to refer a local mortgage broker who can walk through options that best meet your needs -- just let me know by contacting me from my website below.

Good luck.
Web Reference: http://mocorealestate.com/
0 votes Thank Flag Link Wed Feb 18, 2009
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