Home Buyers Incentive Programs
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Closing Cost and Down Payment Incentive Programs
There are various closing cost and down payment programs on offer at Baltimore. These programs benefit home buyers to a great extent.
Homeownership Incentive Program provided by the community development block grant:
Incentives are offered by the community development block grant program to home buyers buying a property for the first time. Eligibility includes income of 80% or below the median income in that area. Those who have not owned a property for the last three years are considered to be first time home buyers and they are eligible for this program.
This program awards an amount of $5000 towards closing costs or down payment of properties located in Baltimore City. This loan has to be paid back in five years time.
As a buyer you must obtain a counselling certificate prior to purchase of your home and also attend the home ownership counselling. It is also necessary for buyers to obtain HQS, a quality certificate on the home located by them. Home must be in a good condition and must not feature chipped surfaces, peeling or even flaking. Property deal must be closed within 90 days from the date of contract.
In order to be eligible for this loan, the family income must not be more than $44,800 for one person and $51,200 for two people. Information on this loan can be obtained on the Baltimore Housing website - www.baltimorehousing.org.
Buying into Baltimore
This is a unique home buying fare which features neighbourhood tours in four different areas around Baltimore. Produced by Live Baltimore, this event offers 50 buyers from two different fairs conducted in the east and west of the city, a grant of $3000 each, which can be used by them towards closing costs or down payment.
The fair also offers education on various aspects of buying a home. Participants who register early are taken to different neighbourhoods of Baltimore and can view a variety of homes featured for sale.
Settlement Expense Loan and Down payment Program
This program funds a part of the closing costs of borrowers who go in for the CDA or Community Development Administration mortgage for buying their homes. Eligible candidates are entitled to a loan of $3,500 with 0% interest.
- It is necessary for the buyer to be within the income limits specified by the CDA as they borrow from the CDA mortgage.
- Buyer must opt for buying a home located within the Baltimore City.
- Buyer must attend the home ownership counselling
- Those under this scheme cannot benefit from multiple grant schemes
- Maximum cost of property must be $525,091.
More information on this can be found at www.mmprogram.com
First time home buyer's FHP or Federal Home Loan Bank of Atlanta
Under the FHP scheme, moderate and low income first time home buyers are provided with funds to help with their closing cost or towards their down payment. Funds are provided exclusively on a first come first serve basis. Every household is eligible for a loan amount of up to $10,000.
In order to be eligible for this loan, the buyer's income must not be above 80% of the median income in that area.
A contribution of at least $500 is expected to be made in cash by the buyer towards home purchase.
The home purchased under this scheme must be the primary residence of the buyer for at least five years from the date of purchase.
The property purchased must be located in the FHL Bank of Atlanta district.
It is necessary for the buyer to have attended a home ownership education program which educates on various aspects related to home buying including home maintenance, household budgeting, creditworthiness and mortgage financing.
First time home buyer programs are very popular and attended by various financial institutions including Carrollton Mortgage Services, Inc, MECU of Baltimore, Inc and 1st Mariner Bank.
More details on this scheme can be found at www.fhlbatl.com.
MMP 2% and MMP 3%
Borrowers of first mortgage paying very high rates of interest are provided with two or three percent grant towards closing cost. In case the borrower refinances or transfers the property within four years of taking the grant, the amount must be repaid. Otherwise the grant amount borrowed is forgiven.
Eligibility conditions under this scheme include using a CDA mortgage meeting the limits specified on home acquisition cost and income.
This program must not be combined in any manner with the down payment settlement expense loan program, though it can be combined with other programs.
It is necessary for the buyer to have attended a home ownership counselling.
For more information on this loan program, visit: www.mmprogram.com
Contact us to learn more about these programs.
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