How to Qualify

• Attend the Buying into Baltimore Western Region Fair on May 10, 2008 and have your Award Ticket stamped in at least 4 of the 16 featured tour homes.
• You must purchase a home in Baltimore City. This is not limited to only the featured tour homes; it can be any home located in the designated WESTERN REGION boundaries of the City.

• Contract of Sale must be signed AFTER May 10, 2008. Contracts signed prior will not be eligible.
• Closing on the property must occur within 90 days of the May 10, 2008 event.
• Obtain a housing counseling certificate from an agency approved by the City of Baltimore or HUD. Required before submitting a contract on a home.
• Obtain a home inspection from a licensed home inspection company -- not required but recommended.
• There are no annual income limits and you do not have to be a first-time homebuyer.

Buyer must:

• Agree to use the Baltimore City property as his/her principal residence.
• Contribute at least $1,000 of his/her own money toward the purchase.
• Complete homeownership counseling and receive a Counseling Certificate prior to executing a contract of sale.
•  It’s recommended that you use a Fannie Mae- or Freddie Mac-approved, direct endorsed lender with a mortgage loan. Your mortgage amount may not to   exceed $417,000. Lenders must provide a good faith estimate to the borrower that includes: 1) any points, fees, or other charges; 2) any mortgage insurance fees; and 3) any monthly escrow amounts required for property taxes and homeowner’s insurance. More specifically, lenders must not charge in excess of three (3) points—one (1) point for the origination fee and two (2) points for the mortgage interest rate discount. Lenders must charge only the actual fee incurred by the lender for obtaining the credit report and appraisal, and any other documents and services required as part of the mortgage transaction. Lenders must adhere to the disclosure requirements of the Fair Credit Reporting Act as most recently amended.
•  Borrower may not utilize any of the following first mortgage products: 1) no documentation loan, 2) interest only loan, 3) conventional 80/20 loan, or 4) adjustable rate loan.  Any loans for which prepayment penalties or fees are applicable or will be assessed are not eligible for use with Baltimore Housing homeownership programs. Maryland Mortgage CDA products are eligible.

How to Receive the $3,000 Award

1.   Bring a copy of your executedContract of Sale, Validated Award Ticket, Counseling Certificate & Picture ID to:                                    

                                 Baltimore Housing, Office of Homeownership
                           417 E. Fayette Street, Suite 1125, Baltimore, MD 21202

               Hours: Monday-Friday, 8:30am-4:30pm

               For Award Information & ANY questions, please call 410-396-3124

2.   All contracts with validated Award Ticket will be accepted first-come, first-serve at the above address.

3.   Those received will be date-stamped and placed on the list of the first 50 received from the fair tour.  Furthermore, they will receive an instruction sheet to be given to their lender.

4.   All others will be placed on a waiting list.

5.   If awarded, the city will send to you a commitment letter for the award funds. 

6.   Funds will be issued at closing.