What’s the Benefit of the Maryland First-time Homebuyer Tax Credit?
What’s the Benefit?
The Maryland First-Time Homebuyer Credit exempts the buyer from paying the State Transfer Tax.
- All homebuyers must be individuals (cannot be a trust or other entity) who have never owned in the state of Maryland residential real property that has been the individual(s) principal residence; and
- The residence will be occupied as the homebuyer’s principal residence.
* There is an exemption that will allow a homebuyer to qualify if a co-buyer is on title solely for the loan qualification and will not occupy the property as a principal residence.