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Maryland Department of Housing and Community Development Partners With Wicomico County for New Homeownership Initiative

Maryland Department of Housing and Community Development Partners With Wicomico County for New Homeownership Initiative

Maryland NewBuild will provide incentives to purchase newly-constructed homes in the county

NEW CARROLLTON, Md. (December 1, 2016) – The Maryland Department of Housing and Community Development has partnered with Wicomico County to launch a new homeownership initiative through the Maryland Mortgage program.  Maryland NewBuild will provide incentives to homebuyers purchasing newly constructed homes in the county, including reduced interest rates on Maryland Mortgage loans.  The initiative will be available to Wicomico County homebuyers for one year, running until December 1, 2017.

“We are proud to partner with Wicomico County to support and encourage homeownership through Maryland NewBuild,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt.  “The combination of incentives and the stability of a mortgage backed by the State of Maryland makes this an ideal time for potential homebuyers in the county to explore their purchasing options through this initiative.”

Through Maryland NewBuild, Wicomico County homebuyers purchasing newly constructed homes in designated Priority Funding Areas can receive:

  • A 0.25% interest rate reduction on a fixed-rate Maryland Mortgage loan;
  • $5,000 in downpayment assistance through a 0% deferred loan;
  • Mortgage Credit Certificates and tax credit savings through the Maryland Homecredit Program, and;
  • A waiver from Wicomico County for the impact fees associated with the newly-constructed single family homes.

The complete package of incentives is intended to keep the price of the homes low, generate cash resources for homebuyers at closing, and provide increased purchasing ability for participating homebuyers through mortgage loan cost savings.

“We are pleased to be a part of such a meaningful opportunity for our citizens to become homeowners and partnering with Maryland Department of Housing and Community Development” said Wicomico County Executive Bob Culver.

Potential homebuyers are subject to household income limits and must meet standard qualifications under the Maryland Mortgage program, including completion of homebuyer education.  Created over 30 years ago, the Maryland Mortgage program is the state’s flagship homeownership assistance program, providing fixed-rate mortgages, primarily to first-time homebuyers, along with other down payment and closing cost incentives.  For more information, visit http://mmp.maryland.gov/NewBuild.

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CONTACT: Sara Luell, Director of Communications, sara.luell@maryland.gov, 301-429-7803