First Time Homebuyer - The Buyer's portion (.25%) of the State Transfer tax is waived if:

• The buyer has never owned residential property in the Maryland that has been the individual's principle residence; AND
• The residence will be occupied as a principal residence; OR
• The buyer is a co-maker or guarantor of a mortgage or deed of trust to be secured by the property and the co-maker or guarantor will not occupy the property as a principal residence.

Montgomery County HOC's First Trust Mortgage Program -- The HOC First Trust Mortgage Purchase Program (MPP) provides below-market rate mortgages to first-time homebuyers of moderate income. To be eligible for the program:

• The buyer may not have owned or co-owned any residential property within the last three (3) years.
• Household may not exceed the Maximum Annual Income.
• Homebuyer need not be a resident of Montgomery County, but the home must be located in Montgomery County.
• The sales price of the home may not exceed $255,600 for existing properties and $303,300 for new construction properties.
• Homebuyer may use a conventional or FHA loan; VA loans are not available.

For More information, call 301.929.6700 or log onto their website.

Montgomery County's Closing Cost Assistance Program. High closing costs in Montgomery County pose a stumbling block to home ownership. Now, low- and moderate-income homeowners who lack funds to pay real estate closing costs may qualify for closing cost assistance loans -- up to $7,500 or five percent of the home sales price. These loans may be used for down payments and other closing costs. For details, call 301.933.4663.

Montgomery County's Moderately-Priced Dwelling Units - For first-time home buyers Montgomery County's Moderately-Priced Dwelling Unit (MPDU) Program makes home ownership possible for moderate-income first-time home buyers. In Montgomery County, nearly all new developments of more than 50 homes must set aside up to fifteen percent of the units for the MPDU program. Most of these homes are sold to moderate-income first-time home buyers. The rest are sold to non-profit housing agencies for low- and moderate-income families. MPDU "re-sales" are also available for purchase. The County uses a lottery system to make sure that all eligible buyers have an equal chance to buy an MPDU. Persons who live or work in the county receive priority, and other restrictions apply. For more information, call 240.777.3705.