Community Development Block Grant Homeownership Assistance Program
CDBG's Homeownership Assistance Program can give qualified first time homebuyers $5,000 toward downpayment and settlement expenses
First time homebuyers with a counseling certificate from a City approved Counseling Agency, upon receiving a counseling certificate, the borrow can then find a property and sign a contract to purchase. Once executing a contract, the borrower must bring that contract back to the counseling agency to have the CDBG program application completed. The property must be inspected utilizing an HQS inspection conducted by a certified lead abatement inspector. Please be absolutely certain there there is no peeling, flaking, chipping paint inside or outside the purchased property. If there is, it must be tested for lead and if necessary, abated, prior to closing.
Additionally, if you qualify for other mortgage incentive programs, you can "stack" these inentives to pay all of your closing cost expenses and may have enough residual to reduce your mortgage principal. I have personally witnessed homebuyers "stacking" morethan $30,000 in incentive funds.
This incentive is for $5,000 structured as a 5 year forgivable 20 percent per year.
The funding source for the Homeownership Assistance Program have 80% median income limitations. You must be within the income limitations to qualify for this program. A minimum of $1,000 down must come directly from the purchaser. All homes must be purchased in Baltimore City. Currently, income limitations per household are as follows:
1 Person - $46,100
2 People - $52,650
3 People - $59,250
4 People - $65,800
5 People - $71,100
6 People - $76,350
7 People - $81,600
8 People - $86,900
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
Remax New Beginnings