Downpayment and Closing Cost Programs

• Buying into Baltimore
• Homeownership Assistance Program through Community Development Block Grant (CDBG)
• Community Partners Incentive Program (CPIP)
• Coppin Heights Live Near Your Work Program
• Downpayment and Settlement Expense Loan Program (DSELP)
• Eastside Early Homebuyers Grant (EEGP)
• Federal Home Loan Bank of Atlanta (FHLBA) First Time Homebuyers
• Federal Home Loan Bank of Atlanta (FHLBA) Community Stability
• Federal Home Loan Bank of Atlanta (FHLBA) Foreclosure Recovery (New)
• Park Heights Renaissance Community Closing Cost Assistance Program

Buying into Baltimore

What are the benefits?

Buying Into Baltimore is a homebuying fair featuring four different neighborhood tours. The event is produced by Live Baltimore and the $4,000 award is provided by the City of Baltimore. There are two fairs, one for the West side in May and another for the East side in September. The fairs provide homebuying education opportunities and introduce participants to the variety of Baltimore's neighborhoods and housing styles.

Through the City of Baltimore, a total of $400,000 is available for 100 new homebuyers. Fifty (50) individuals from each fair are eligible to receive a $4,000 homebuying award per fair. That means 50 awards will be awarded at Western Fair and 50 awards will be awarded at Eastern Fair. The $4,000 award is applied toward downpayment and/or closing costs.

What do I need to know?

• 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.
• Property must be the homebuyer’s primary residence.
• Sales contracts must be signed and dated after the Buying into Baltimore event, not before. Contracts signed prior to the event date will not be accepted.
• You close on your new home within 90 days from the event date.
• Your property is within the fair boundaries, click here for a map.
• Your mortgage amount cannot exceed $417,000.
• You are encouraged to use a Fannie Mae or Freddie Mac approved lender.
• You must invest a minimum of $1,000 from personal funds/resources.

Click here for more information on the Buying into Baltimore event.

Note: Homebuyers may buy a designated Vacants to Value (V2V) property—this includes City-owned property as well as privately-held homes that have been cited by Baltimore Housing— and receive a $5,000 Buying Into Baltimore award to turn a vacant home into a dream home. See additional V2V programs in the Renovation and Rehabilitation section below. By using a State of Maryland CDA mortgage, qualified buyers may be eligible for an additional $2,500 incentive as part of the Community Partners Incentive Program (CPIP). Read our description for details.

For more information:

Live Baltimore
343 N. Charles Street, 1st Floor
Baltimore, Maryland 21201
Phone 410.637.3750
info@livebaltimore.com

Homeownership Assistance Program

What are the benefits?

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.

What do I need to know?

• Homebuyer’s family income must be 80 percent or below the area median income.
• Property must be the homebuyer’s primary residence.
• Must be a first-time homebuyer.
• The forgivable loan is 0% interest and the balance is forgivable by 20% each year for five years.
• Buyer must secure a Housing Quality Standard (HQS) Home Inspection on the property.
• 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.

For more information:

Department of Housing and Community Development
CDBG Office
Contact: Marva Allette
417 E. Fayette Street,Room 1101
Baltimore, MD 21202
Phone: 410.396.3124
Website: www.baltimorehousing.org/homeownership_firsttime

Community Partners Incentive Program (CPIP)

What are the benefits?

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.

What do I need to know?

• Buyer must use a Community Development Administration (CDA) mortgage, and must therefore meet the CDA limits on income and home acquisition cost.
• 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.
• Participants may use other incentive awards totaling more than $2,500, but Maryland will not match funds past the initial $2,500.

For more information:

Maryland Department of Housing & Community Development
Phone: 1.800.638.7781
Website: www.mmprogram.com

Coppin Heights Live Near Your Work Program

What are the benefits?

The Coppin Heights Community Development Corporation is providing a $4,000 closing cost incentive for those employees of Coppin State University.

What do I need to know?

• Designated live Near Your Work area will be within a 2 mile radius of the university, with incentives that are developed by the CHCDC.
• Also includes Vacant to Value properties
• Full-time employees who have served 6 months or more at the university are eligible
• First come, first serve basis

For more information:

4th Floor , 430-435
Grace Hill Jacobs Building
Coppin State University
Baltimore, MD
Voicemail: 410.951.3622
Fax: 410.951.3623
Email: CHCDC@coppin.edu

Hours Of Operation:
Monday - Friday: 9am - 5:30pm
Saturday - Sunday: By Appointment Only

Downpayment and Settlement Expense Loan Program (DSELP)

What are the benefits?

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).
• 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.

For more information:

Maryland Department of Housing & Community Development
Phone: 1.800.638.7781
Website: www.mmprogram.com

Eastside Early Homebuyers Grant (EEGP)

What are the benefits?

The East Baltimore Development Foundation (EBDF) Eastside Early Homebuyer Grant Program (EEGP) will provide a grant to homebuyers for the purchase of a limited number of newly constructed and green rehabilitated homes in the East Baltimore redevelopment area.

This program awards up to $50,000 to homebuyers toward the purchase of designated newly constructed or rehabilitated in the East Baltimore Development, Inc. (EBDI) footprint.

What do I need to know?

• Property must be the homebuyer’s primary residence
• Can be used for downpayment or closing cost assistance
• The maximum allowable EEGP grant is $50,000 per household
• The forgivable loan is 0% interest and the balance is forgivable by 10% each year for ten years
• The forgivable loan is not limited to first-time buyers
• There are no income restrictions
• There is no lien recorded against the property
• At least part of the incentive will need to be repaid if the buyer sells or refinances the home prior to 10 years or ownership
• Program funds available until funding pool runs out

For more information:

Baltimore Community Lending
120 E. Baltimore Street, Suite 1350
Baltimore, MD 21202
410.727.8590 x205
For application documents and participating lenders, visit www.BCLending.org

Federal Home Loan Bank of Atlanta (FHLBA) First Time Homebuyer Program

The First-time Homebuyer Program (FHP) provides matching funds for downpayment and closing-cost assistance to low- and moderate-income homebuyers. The money is distributed to eligible homebuyers on a first-come, first-served basis.

What are the benefits?

Federal Home Loan Bank of Atlanta partners with member financial institutions to make FHP awards of up to $7,500 per household.

What do I need to know?

• Homebuyer must earn 80 percent or less of the area median income (adjusted for family size).
• Homebuyer must contribute at least $500 in cash toward the purchase of the home. Buyers contributing more than $10,000 in cash funds are not eligible for FHP regardless of income.
• Homebuyer must occupy the purchased home as his primary residence for five years and the home must be located in FHLBank Atlanta’s district.
• Homebuyer must complete a homeownership education program and the member must certify that the buyer has completed the program. The program must address mortgage financing, creditworthiness, household budgeting, home maintenance, and avoidance of predatory lending.

Several area financial institutions participate in the First-time Homebuyer Program. Participating Live Baltimore members include BB&T Mortgage, MECU of Baltimore, Inc., and Carrollton Mortgage Services, Inc.

For more information:

Federal Home Loan Bank of Atlanta
Community Investment Services
Phone: 1-800-536-9650 (option 3)
Website: corp.fhlbatl.com/sc/ahp/first-time-homebuyer.html

Federal Home Loan Bank of Atlanta (FHLBA) Community Stability

What are the benefits?

Federal Home Loan Bank of Atlanta's Community Stability product provides up to $7,500 in down-payment and closing-cost funding to first-time homebuyers or non-first-time homebuyers for the purchase or purchase and rehabilitation of an existing home in neighborhoods targeted for stabilization by a government or special district or authority (Baltimore City is a targeted area).

What do I need to know?

• Maximum incentive is $7,500
• Funding is provided as a 4 to 1 match; meaning if the homebuyer contributes $1,000, then FHL Bank Atlanta will provide $4,000 (must put up $1,875 to receive maximum incentive).
• Homebuyer must contribute at least $1,000 of their own funds
• Home must be located in Baltimore City

For more information:

Federal Home Loan Bank of Atlanta
Community Investment Services
Phone: 1.800.536.9650 (option 3)
Website: corp.fhlbatl.com/Set-aside-Financial-Institutions.aspx?id=2655

Federal Home Loan Bank of Atlanta (FHLBA) Foreclosure Recovery (New)

What are the benefits?

Federal Home Loan Bank of Atlanta's Foreclosure Recovery product provides up to $15,000 in down-payment, closing-cost, and rehabilitation funding for the purchase or purchase and rehabilitation of an existing home from the Real Estate Owned (REO) inventory of an FHLBank Atlanta member financial institution. The funding is available to first-time homebuyers or non-first-time homebuyers.

What do I need to know?

• Maximum incentive is $15,000 per homebuyer.
• Funding is provided as a 4 to 1 match; meaning if the homebuyer contributes $1,000, then FHL Bank Atlanta will provide $4,000 (must put up $3,750 to receive maximum incentive).
• The homebuyer must contribute at least $1,000.
• Home must be part of an FHL Bank Atlanta member's Real Estate Owned property inventory.
• Purchase price of unit cannot exceed the "as-is" market value.

For more information:

Federal Home Loan Bank of Atlanta
Community Investment Services
Phone: 1-800-536-9650 (option 3)
Website: corp.fhlbatl.com/Set-aside-Financial-Institutions.aspx?id=2656

Park Heights Renaissance Community Closing Cost Assistance Program

What are the benefits?

Park Heights Renaissance Community Closing Cost Assistance Program awards up to $3,000 toward downpayment and closing costs.

What do I need to know?

• Buyer must utilize Fannie Mae or Approved Lender
• Buyer must receive homeownership counseling.
• 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.
• This is a 5 year forgivable loan with each year representing 20%.
• There are no income restrictions
• Home must be in the Park Heights Stabilization Area

For more information:

Housing Services Manager
Saunie Tubman
Park Heights Renaissance, Inc.
4151 Park Heights Avenue, Suite 207
Baltimore, MD 21215
Phone: 410.664.4890
Email: stubman@parkheightsrenaissance.org
Website: www.phrmd.org