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All information contained on this page is property of the Live Baltimore Home Center and as such may not be reproduced without written consent of Live Baltimore.
This program has been updated as of December 2007.Please note that the terms and conditions of this program have changed.
The MMP+2%/3% grants are state-sponsored mortgage incentives to provide downpayment and closing cost assistance.
Funding Source:
The Community Development Administration (CDA) of the Maryland Department of Housing and Community Development
- Eligibility:
Homebuyers in the targeted area of Baltimore City must meet income and purchase price limits of the More House 4 Less mortgage program. Buyers must use a CDA mortage product. For More House 4 Less program qualifications, visit www.morehouse4less.com.
- Type of Assistance:
CDA will provide a 2%/3% grant of the total amount financed through a More House 4 Less CDA mortgage. The MMP+2%/3% downpayment assistance can be combined with House Keys 4 Employees assistance (see example below) if the borrower's employer is a participant. The grant must be repaid if the property is transferred or refinanced within the first four years; after four years, the amount borrowed is forgiven.
The 2% grant is available at a slightly lower interest rate than the 3% program.
| EXAMPLE OF HOW THE MMP+3% GRANT WORKS |
Purchase a $250,00 home
100% financing (zero down) |
| MMP+3% Grant* |
$7,500 |
| HK4E Employer Contribution** |
$2,500 |
| HK4E Match (0% deferred Loan)*** |
$2,500 |
| TOTAL CONTRIBUTION AVAILABLE TOWARDS CLOSING COSTS/DOWNPAYMENT |
$12,500 |
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| *MMP+2% grant provided by CDA equals 2% of the amount financed using the state mortgage product. MMP+3% grant provided by CDA equals 3% of the amount financed using the state mortgage product. |
| **Many Maryland employers participate in the CDA House Keys 4 Employees (HK4E) closing cost assistance program. See below for details. |
| ***CDA will match the employer's closing cost assistance under its House Keys 4 Employees Program. See below for details. |
Contact the Department of Housing & Community Development for more information:
Phone: 1-800-638-7781
Website: www.morehouse4less.com
A Maryland Department of Housing and Community Development (DHCD) settlement assistance program, in which the state matches funds contributed by a participating employer.
Funds are to be used for downpayment and closing costs assistance in the form of a 0% deferred loan.The State of Maryland will match participating employer contributions and other local award monies up to $2,500. Employers must be a designated House Keys participant, and may stipulate eligibility criteria in addition to Maryland requirements. Participants must use the Maryland CDA mortgage loan program and are also eligible to use CDA's standard downpayment and closing cost assistance programs in conjunction with this matching program. There are income and other restrictions. For more info, click here. Buyers must receive homeownership counseling. For a list of qualified homeownership counselors, please click here. Participants may use other incentive awards totaling more than $5,000, but Maryland will not match funds past the initial $5,000. For a complete list of participating employers, click here.
Ask your Human Resources Department if your employer participates in House Keys 4 Employees or have them contact DHCD to become a member.
Phone: 410-514-7530 or 1-800-638-7781
Website: http://www.morehouse4less.com/hk4eParticipating.aspx or www.morehouse4less.com
This Maryland Department of Housing and Community Development (DHCD) settlement assistance program expands on the House Keys 4 Employees program to contribute additional funding to borrowers living near their place of employment.
Funds are to be used for downpayment and closing costs assistance in the form of a 0% deferred loan. The State of Maryland will match participating employer contributions and other local award monies up to $5,000. Buyers must be within 10 miles of their place of employment or work in the city. Program is subject to the same requirements as the House Keys 4 Employees Program listed above. Buyers must receive homeownership counseling. For a list of qualified homeownership counselors,please click here.
Ask your Human Resources Department if your employer participates in House Keys 4 Employees or have them contact DHCD to become a member.
Phone: 410-514-7530 or 1-800-638-7781
Website: http://www.morehouse4less.com/hk4eParticipating.aspx or www.morehouse4less.com
Please note that the terms and conditions of this program have changed.
DSELP, a program of the State of Maryland, is a loan that covers settlement expenses above a borrower's minimum equity capital contribution on a first mortgage loan that is the maximum mortgage amount permitted by the mortgage loan guarantor.
Up to $2,500 with a 0% interest rate. Repayment of DSELP is deferred and is due upon the earlier of maturity or prepayment of the first mortgage, or sale or transfer of the property. Home purchase must be primary residence in Baltimore City. Maximum Acquisition Costs: $200,000 To qualify for a DSELP loan, applicants must be using a CDA Mortgage Loan Program first mortgage. DSELP cannot be used in conjunction with either the MMP+2% or MMP+3% grants. Buyer must receive city-approved homeownership counseling. Click here for a complete list of qualified counseling agencies.
Contact the Department of Housing & Community Development for more information:
Phone: 410-514-7530
Website:http://www.dhcd.state.md.us/Website/programs/cdammp/da01.html
The Baltimore City Employee Homeownership program is designed to help the employees of City agencies and quasi-city agenties become homeowners in the City. The terms and eligibility criteria for the program are as follows:
Must be employed and paid by the Mayor and City Council of Baltimore City for minimum of six months. Must purchase a property within Baltimore City. Must occupy property as primary residence. Eligible properties: Single family house, 1 to 2 dwelling unit, or condominium. Up to $3,000 forgivable loan provided with a 5-year term reducing 20% for each year of occupancy ($3,750 for puchase in Healthy Neighborhood, which must be mentioned at time of application). Only one City employee per household may receive assistance. Use of an approved Fannie Mae/Freddie Mac lenders or Municipal Employee's Credit Union for first mortgage financing encouraged. Employee must invest a minumum of $1,000 from personal funds. Buyer must obtain a homeownership counseling certificate from a City-approved housing counseling agency. Click here for a list of approved agencies.
Ineligible Neighborhoods:
If the intended purchase property should fall into one of these areas, you will not be eligible for the Baltimore City Homeownership Program: Bellona-Gittings, Blythewood, Canton, Cedarcroft, Cross Keys, Evergreen, Federal Hill, Guilford, Hunting Ridge, Homeland, Kernewood, Keswick, Lake Evesham, Loyola, Mt. Washington, North Roland Park, Otterbein, Original Northwood, Roland Park, Rosebank, Sebina-Mettfelt, Ten Hills, The Orchards, Tuscany-Canterbury, Windhurst.
Applications available at:
Department of Housing and Community Development and Rehab Services
417 E. Fayette St., Suite 1125
Baltimore, MD 21202
Phone: 410-396-3124
Website:www.baltimorehousing.org/index/ps_homeownership_employee.asp
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