Do you have dream to purchase new house? If yes then your dream will come true with the Home loans. These home loans are given by several banks and financial institutions that they charge you high down payment rates and huge interest rates. In addition to this the Government introduced several Home Loans programs from which you can apply and get grants to purchase new house. There are several requirements from the officials that you need to prove with valid documents to approve for home loans.
The First time Home Buyer Credit is the part of home loans that you will get credit money. There are several factors you need to prove to get First time Home Buyer Credit in Maryland. The first thing is you need to have own house in Maryland. The home buyer credit is given when you own a house that too in the Maryland area. People who have own house in Maryland can apply for the Home buyer credit.
This is the primary reason for the approval of Home loan credit by the government. People who prove with the new house can apply for the home loan credit. Here are some of the interesting facts about First time Home Buyer Credit in Maryland.
Top three reasons to get Home Buyer Credit:
1. No House for Three years:
The first things you need to prove to get home credit are you should not have any house on your name for past 3 years. If you are married then your spouse also shouldn’t has own house for past 3 years. This approves government officials that you are not having house and easy to grant First time Home Buyer Credit.
There are certain metrics that your income should not exceeds the limit given by the government. The main intention to grant home loans is to help for low and medium income group people. Hence you should not have more income than mentioned by government. If you are from low and medium income people and willing to have First time Home Buyer Credit then you can apply for these grants. The income plays key role in deciding of getting the home credit.
3. Primary Residence:
The house you are purchasing should be your primary residence. This house should not be sold or given to someone else. It is illegal to sell house to someone that is taken with home loans. Hence the primary residence is first thing you need to check and you should live in the house that you purchased using the home loans.
First time Home Buyer Credit can get with 25% of the Mortgage interest payment. There are easy installment options with this home credit that you can repay the money in limited installment that cannot exceed $2000 per year. Hence these are the important things you need to know about First time Home Buyer Credit in Maryland.