New home-buyers may be eligible for federal income tax credit
Eligible homebuyers can claim a federal income tax credit of up to $2,000 for the life of their mortgage under a new program unveiled Thursday by the Maryland Department of Housing and Community Development. DHCD’s Maryland HomeCredit program provides eligible home-buyers with a mortgage credit certificate allowing them to claim a tax credit for some portion of the mortgage interest rate paid each year on their federal income tax return.
The program launches June 1 and continues through Dec. 15, 2015. A home-buyer purchasing a home during that period is eligible to claim 25 percent of the interest paid as a federal tax credit for every year the mortgage is outstanding and the buyer lives in the home. The homebuyer must get the Maryland HomeCredit at the time he or she closes on the mortgage. There are fees associated with the Maryland HomeCredit. Refinances are not eligible.
Read it here: http://www.dhcd.state.md.us/Website/blog/Default.aspx
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