First Time Home Buyer Programs in Maryland
Are you thinking of buying your first property in Maryland? Would you to learn about help available in purchasing that first home? The state of Maryland offers programs for its residents who are first time home buyers and need help with the down payment and closing costs as some other states do. There are also Federal programs that provide grant money to first home buyers as well as grants from private foundations. This is free money that shouldn’t be passed up! The grant awards can be in the thousands of dollars. It will be well worth your time to educate yourself about the first time home buyer programs that are available for Maryland residents.
The costs of down payment and settlement can overwhelm first-time home buyers and is listed as the number one barrier to home ownership. The Maryland Department of Housing and Community Development provides standard down payment and closing cost assistance in the form of a product called DSELP. You may also be eligible for additional assistance through one of their Partner Match Programs. For more information go to Maryland first time home buyer grants.
The contact information for the Maryland Mortgage Program is:
Maryland Community Development Administration
MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
100 Community Place
Crownsville, MD 21032-2023
Other First Time Home Buyer Grants in Maryland
In addition to the grant programs described above, the U.S. Department of Housing and Urban Development provides home buyer assistance and grants in every state. There are multiple grant programs designed specifically for people that meet certain requirements, such as grants for people with disabilities so they can continue to live independently at home. It is worth visiting HUD’s website to see what assistance is currently available. For your convenience, simply go to first time home owner grants in Maryland.
Here is the contact information for the HUD office in Maryland:
Baltimore Field Office
10 South Howard Street
Baltimore, MD 21201-2505
Phone: (410) 962-2520
Fax: (410) 209-6670
There are also these local first time home buyer programs:
Annapolis Homeownership Gap Financing Program (GAP) (410) 269-1222
Annapolis Homes for America Homeownership Closing Cost Program (HCC) (410) 269-1222
“The Mortgage Assistance Program (MAP) is designed for first time homebuyers needing assistance with down payments, closing costs, and reducing first mortgage amounts. Depending on your need, this program can provide up to $30,000 in assistance.
Due to the success of the Mortgage Assistance Program (MAP), we are now running low on funds based on the number of fully ratified contracts received since July 1, 2012. Any ratified contract received after Friday, November 16, 2012, will be placed on hold until further notice. We will evaluate any new ratified contract on a first-come, first serve basis, while MAP funds remain available. We anticipate additional funds will be available on July 1, 2013 for clients with income equal to or below 80 percent of median income level as established by HUD. If you have a client in this income bracket who is in the process of applying for MAP funds, please direct specific questions to the client’s Housing Financial Advisor. Thank you in advance for your cooperation.”
Baltimore Buying Into Baltimore Home Sale Program (BIB) (410) 396-4606
“Fifty (50) homebuyers from each event can receive a $4,000 homebuying incentive to use toward downpayment and closing costs on their home purchase. That means 50 incentives will be awarded after the west event and 50 incentives will be awarded after the east event. The money is not awarded at the events. Tickets are handed out at the events. By attending an event and getting your Buying Into Baltimore Ticket stamped on the tour. The stamped Ticket is then worth $4,000 to eligible, qualified homebuyers! (please note, eligibility is based on homebuyers’ personal financial situations. All homebuyers will have to qualify through a mortgage lender.) ”
Baltimore City Homeownership Program (410) 396-3124
“The Homeownership Assistance Program is an incentive through Baltimore Housing. It is made available through CDBG (Community Development Block Grant) funds, a HUD program designed to help local jurisdictions. The City’s Homeownership Assistance Program is a $5,000 five-year forgivable loan to first-time homebuyers to assist with downpayment and settlement expenses.”
“The Community Partner Incentive Program enables eligible homebuyers who are using a Maryland Mortgage Program loan to purchase their home to receive more downpayment and/or closing cost assistance than is available through the standard downpayment and closing cost assistance program.”
“This program helps eligible borrowers who are purchasing a home with a Community Development Administration (CDA) mortgage by funding a portion of their closing costs. Borrowers must use a CDA lender for their mortgage.
What do I need to know?
- This program awards up to $5,000 with a 0% interest rate (repayment of funds is triggered by sale, transfer or refinance of house). Military families are eligible for $10,000 as part of the Maryland Homefront program.
- Buyer must use a Community Development Administration (CDA) mortgage, and must therefore meet the CDA limits on income.
- Property must be the homebuyer’s primary residence.
- Maximum Acquisition Costs: $525,091 (this is the limit for all CDA products in Baltimore City)
- Homebuyer must earn their Homeownership Counseling Certificate from a City-approved counseling agency prior to writing a sales contract. Click here for a list of counseling agencies.”
Baltimore Empowerment Zone Housing Venture Fund Program (410) 396-3124
Baltimore Neighborhood Housing Services of Baltimore Inc Closing Cost Loan Program (CCLP) (410) 327-1200
“Must be a resident of the Baltimore region looking to buy a home for the first time, or have not previously owned a home for at least 3 years.Participants will receive responsible, low, fixed rate mortgages backed by the State of Maryland Community Development Administration. Must reside at or below 80% of the Area Median Income (AMI) to be eligible for full down-payment and closing cost assistance through grants as much as 3% of the total cost of the home.”
“This program is an effort to encourage first time home buyers to consider home ownership in existing residential communities in Charles County. The program is administered by Charles County Department of Community Services. Settlement expense loans up to $6,000 are available to families whose income is at or below 100% of area median, adjusted for household size.”
“The Cumberland Neighborhood Housing Services, Inc. (CNHS) Closing Cost Grant for Homebuyers program is a grant program funded with Community Development Block Grant (CDBG) monies. The program assists homebuyers by paying up to 50% of a down payment required on a home purchase and/or up to 100% of closings costs associated with the home purchase.
These $1,000 grants are offered on a first-come-first-serve basis and assist 50-60 homebuyers per year. On average, the homebuyer’s closing attorney will receive the disbursement of $1,000 with two weeks prior to settlement. A notice of 14 days is required to process disbursements for this program.
No lien is placed on the homebuyer’s property. There is no repayment of this grant.”
Rockville REACH Program (DAP) (301) 590-2765
“DHCD has created strategic partnerships with counseling organizations, developers, lenders, and other real estate professionals who highly support the Homeownership Initiative. Now, citizens and residents can take advantage of the County’s diverse home buying programs:
1. Primary (First) Mortgage Loan Programs: These programs can serve homebuyers of various income levels with several options combining low-interest rates with down payment and closing cost assistance.
2. Subordinate (Second) Mortgage Loan Programs: These programs are designed to be used in tandem with low-cost first mortgages, providing a deeper subsidy to reach lower-income households and bridge the affordability gap that arises when such families qualify for a first mortgage that is not sufficient to cover the entire purchase price of a suitable home or condominium unit.
3. “Special” Homebuyer Programs: These programs are designed to meet the needs of very low-income homebuyers facing multiple barriers to homeownership, and include phased lease-purchase options”