Downpayment and Closing Cost Programs

• Buying Into Baltimore
• Homeownership Assistance Program through Community Development Block Grant (CDBG)
• CityLIFT Program by Wells Fargo
• Community Partners Incentive Program (CPIP)
• Coppin Heights Live Near Your Work Program
• Downpayment and Settlement Expense Loan Program (DSELP)
• 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)

Buying Into Baltimore

What are the benefits?

Buying Into Baltimore is a homebuying event, and those who attend the event are eligible for a $4,000 homebuying incentive to buy a home ANYWHERE in Baltimore City. Every year, there are two events: a spring/summer event and a fall event. That's two opportunities to get $4,000 toward buying your home!

At the event, homebuyers may take a narrated bus tours of homes and neighborhoods (attendees may also drive themselves), sit in on homebuying workshops, speak with trusted real estate professionals and community organizations, and get local perspectives from neighborhood associations and neighbors to help with their homebuying decisions. 

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 go under contract on your new home within 90 days from the event date.
• Your mortgage amount cannot exceed $417,000.
• This incentive may not be used toward Short Sale or Forclosure properties unless homebuyer has a signed final loan commitent from a lender.
• 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.
• Co-signers, cash sales, or owner financing are NOT permitted.

Click here for more information on the Buying Into Baltimore event and using the $4,000.

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:

Baltimore City Housing, Office of Homeownership

Phone 410.396.3124

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

What are the benefits?
CityLIFT is presented by Wells Fargo, NeighborWorks America, Neighborhood Housing Services, and the City of Baltimore. CityLIFT is a $15,000 five-year, forgivable loan to assist homebuyers with downpayment and closing costs. Due to Baltimore's overwhelming response, the April 5-6, 2013 event has reached capacity and there are no available appointments.

If I am already registered for the event, what do I need to know?

Baltimore CITYLIFT Event

Friday April 5, 10am-7pm

Saturday April 6, 10am-5pm

at the Baltimore Convention Center

Getting to the CityLIFT Event:

PLEASE NOTE: On Friday, April 5th the Orioles are playing at Camden Yards at 3:05pm; On Saturday, April 6th the Orioles are playing at Camden Yards at 7:05pm.  

Baltimore Convention Center

One West Pratt Street

Baltimore, MD 21201 

Driving directions & parking information

The Downtown Partnership of Baltimore also has a map of additinal parking options   

Transit Options:

Light Rail (Convention Center stop)

Metro Subway (Charles Center stop)

MTA Bus (Routes 1, 3, 3x, 7, 11, 19, 35, 61, 64)

For a full list please visit MTA's website  

Charm City Circulator (Orange Route stops 220, 204; Purple Route stops 319, 302; Banner Route stop 420)

For a map of the routes visit Charm City Circulator's website 

For more information:
Neighborhood Housing Services of Baltimore
819 Park Ave
Baltimore, MD 21201
Phone: 410.327.1200
Website: www.nhsbaltimore.org

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 $3,000 closing cost forgivable loan 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 Vacants 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
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). 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.

For more information:

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

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

The First-time Homebuyer Product (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?

FHLBA partners with member financial institutions to make FHP awards of up to $5,000 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 $1,000 in cash toward the purchase of the home. 
• 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 FHLBA's approved homeownership education program and the member must certify that the buyer has completed the program. The FHLBA's counseling program addresses 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 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 $5,000 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 $5,000
• 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 $1,250 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