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$8,000 First-time Home Buyer Tax Credit at a Glance The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. The tax credit applies only to homes priced at $800,000 or less. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly. For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. The tax credit applies only to homes priced at $800,000 or less. The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
No Interst no Payment Loans Offered by Frederick County Up to $25,000 The purpose of FC-NCI is to reinvest in and stabilize neighborhoods most affected by home foreclosures. The Frederick County Neighborhood Conservation Initiative offers an opportunity to eligible homebuyers to buy a foreclosed, bank-owned house (no short sales).  FC-NCI will provide down payment & closing costs assistance loans to buy a foreclosed home. There are certain areas and employees of targeted employers that can receive increased assistance.   NOTICE: FC-NCI is not yet open. If you want to be notified by email when it is open, click here.  The purpose of FC-NCI is to reinvest in and stabilize neighborhoods most affected by home foreclosures. The Frederick County Neighborhood Conservation Initiative offers an opportunity to eligible homebuyers to buy a foreclosed, bank-owned house (no short sales).  FC-NCI will provide down payment & closing costs assistance loans to buy a foreclosed home. There are certain areas and employees of targeted employers that can receive increased assistance.    Potential homebuyers must: 1. Purchase a foreclosed, bank- owned home. 2. Purchase the home in a Priority Funding Area (PFA) within ZIP code areas of 21701, 21702, 21703 or 21716. The home must be located in a PFA within one of the eligible ZIP code areas. 3. Occupy the purchased home as a primary residence. 4. Have a maximum household income at or below 120% of the HUD area median income. See income limits chart.   5. Complete an 8-hour Homebuyer Education Program through the Frederick Community Action Agency.                                                                                                                                                                      6. Pre-qualify for a conforming/government fixed mortgage for a minimum of 30 years. 7. Obtain a home inspection and home warranty before settlement.   Priority Funding Areas in the City of Frederick in the ZIP codes of 21702 & 21703 and Brunswick – ZIP code 21716 1. Frederick County Government 2. City of Frederick 3. City of Brunswick 4. Frederick County Public Schools 5. Frederick Community College 6. Frederick Memorial Hospital 7. Maryland State Police – Frederick Barracks  8. Frederick County Volunteer Fire and Rescue Association – volunteers members that meet LOSAP requirements

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