A variety of different incentive programs are offered in Baltimore City for first-time home buyers. In order to qualify for these programs, buyers must have certain eligibility and fulfill certain conditions. Every program is managed by non-profits or city departments and has a set of qualifications.

Those who are eligible for these programs can contact the program administrators. MDjustlisted offers review services and provides you with options. We also introduce you to organizations that help you with these incentive programs.

Loan Programs for Purchase of Home

There are various home purchase programs backed by the government, apart from conventional mortgages. These include the Home Ownership Program for the Disabled, Healthy Neighborhoods, Inc, Good Neighbor Next Door, State of Maryland Mortgage Program or CDA, Neighborhood Housing Services of Baltimore, Inc and Housing Choice voucher home ownership program.

Closing Costs and Down Payment

First time home buyers can benefit immensely from programs that offer help with closing costs and down payments. Every program is unique and comes with different eligibility criteria and offers.

Some of these programs include the MMP 2%, MMP 3%, Buying into Baltimore, CDBG or Community Development Block Grant Program, DSELP or Down Payment and Settlement Expense Loan Program and the Federal Home Loan Bank of Atlanta or FHLB.

Assistance Programs Based on Employer Participation

You may be eligible for certain programs assisting with closing cosst or down payments if your employer participates in the city or state programs. Some of these programs include the Live near Your Work, Smart Keys 4 Employees, House Keys 4 Employees, Good Neighbor Next Door, Baltimore City Employee Homeownership Program and Baltimore City BRAC Homeownership Incentive.

Loans for Rehabilitation/Renovation

These types of loans are offered for those who require assistance towards repairs and fixing their newly purchased resale homes. It is possible to take a loan for any repair work including lead abatement and emergency roof repair. A few of the rehabilitation/renovation loans include the Senior Roof Repair Program, SCOPE/Project 5000, Maryland Housing Rehabilitation Program, Lead Elimination Action Program or LEAP, HUD 203K Rehabilitation Loan Program, Healthy Neighborhoods Inc. Refinance and Renovate Loan, Healthy Neighborhoods Inc. Home Renovation Loan, Deferred Loan Program, City Housing Assistance Program.

Programs for Preservation of Historic Treasures

There are a host of fascinating historic treasures in and around the city of Baltimore. With the help of the State and City, it is possible to preserve them. You must have the knowledge of how to determine if your home is historic or not. If it is, you are eligible for various tax incentive programs. Various programs also offer you assistance for any renovation work required including Heritage Preservation Tax Credit Program and Historic Restoration and Rehabilitation Property Tax Credit.

Tax Incentives for Home Owners

In order to provide eligible home owners wtih property tax incentives, various programs have been initiated including the Homestead Property Tax Credit, Renter's Tax Credit, Home Owner's Tax Credit, Home Improvement Property Tax Credit and Federal Home Buyer Tax Credit.