Notice to Financial Institutions Offering First-Time Homebuyer Savings Accounts
Financial institutions that offer first-time homebuyers savings accounts under §10-208(y) of the Tax-General Article, Annotated Code of Maryland, shall provide in substantially the same form as the following to each account holder:
NOTICE REGARDING HOUSING COUNSELING
You are receiving this notice because you have established a first-time homebuyers savings account with ___________________________. Prior to purchasing a home with a loan, the State of Maryland recommends that all residential mortgage loan applicants receive homebuyer education or housing counseling from a nonprofit or government agency before signing any documents that commit them to a loan. You should be certain that you understand the terms of the loan being offered to you in these documents before you commit in writing. If you do not pay a loan according to its terms, you could lose your home.
The Maryland Department of Housing and Community Development (the “Department”) has provided contact information for nonprofit and government agencies certified by the U.S. Department of Housing and Urban Development that provide homebuyer education or housing counseling. You may find this list on the Department’s website at