Home Buyers Assistance – State of Maryland have a great program to help home buyers obtain home ownership. And now, first time home buyers can get a tax credit too!
If you have not owned a home in the past three years in the State of Maryland, there is an EXCELLENT chance you will be eligible for assistance of $5,000 at a MINIMUM. And, even if you have owned a home in the past three years, there are targeted areas where you can buy again without the 3 year wait. For example, the entire City of Baltimore is classified as targeted so any buyer can get $5,000 in assistance as long as they don’t own any other property when they go to settlement.
The Maryland Mortgage Program offers $5,000 in assistance or potentially more depending on the buyer’s employer for down payment or closing cost assistance. So, if a buyer is purchasing a $200,000 home and they need 3.5% of the purchase price ($7,000) as a downpayment, this program will give them $5,000. If they then receive a full seller contribution for their closing costs, they only need to come up with $2,000 of their own monies!
The income limits are very HIGH using this program and it is available in every county in Maryland. Before we discuss income limits, let’s talk about the fact that the program always has money available. Check it out for yourself at www.mmprogram.com. Now on to demonstrate the income limits, your buyers can qualify for this grant in Prince George’s, Montgomery, Calvert, Frederick and Charles counties for a 2 person household making $129,000 or less (3 person household is $150,500 or less). And in Baltimore, Baltimore City, Howard, Anne Arundel, Harford and Carroll counties they can qualify for a 2 person household making $102,720 or less ($119,840 for a 3 person household)! Quick side note, all counties in Maryland qualfiy…I am only listing some counties in Maryland here as an example.
CDA as the program is commonly known had a couple of restrictions in the past that made it challenging to accommodate financing for buyers. Namely, they required a copy of the home inspection report and the repairs on the home inspection report had to be done prior to closing. They have changed their stance on this and do not require any type of review of the home inspection at all. Simple as 123. They also have made it easier for the buyer as it relates to their homebuying counseling requirement. Most counties, exclusive of Baltimore County, the buyer can get their homebuying certificate through taking an online course rather than having to sit physically in the class for hours and hours which can take up to 6-8 weeks.
And within the program, there are other niches such as not having to be a first time home buyer if you are a veteran or buying in targeted areas as listed on their website. They also offer discounted interest rates for REO/short sales/DHCD owned properties and additional grant monies available for buyers employed by their approved list of House Keys 4 Employees program. And recently in Prince George’s County, they added a reduced interest rate if you buy in that County.
We have a strong network of mortgage lenders and are eager to work with first time home buyer programs. This program helps a lot of potential home buyers. And, We LOVE helping people achieve their dream of home ownership.
As always, please feel free to contact us for a referral to a reputable mortgage lender……They will answer any questions or pre-qualify you for a mortgage!