In Frederick City MD and Brunswick MD buyers can get between $15,000 and $25,000 to put toward down payment and closing costs.  This money is only good for the purchase of Foreclosed and Bank owned (REO) properties.  The base amount is $15,000.  If you buy in a targeted Neighborhood you can get an extra $5,000, and if you work for a targeted employer, The City of Frederick, The City of Brunswick,  Frederick County Teacher, Frederick Community college, Frederick Memorial Hospital and first responders in Frederick County you can get another $5,000.

What buyers need to do is take a class with the Frederick Community action Agency and of course have a credit score high enough and income sufficient to purchase a home.  This is a great way to help buyer who would like to buy but have not much cash.  This program is not just for first time homebuyers.  The home must be used as your principal residence. 

The money is a no-interest loan that doesn't have to be paid back until you either Sell the house, Refinance it, or it is no longer your primary residence.  After 15 years the money is fully forgiven. 

Buyers must work with a Real Estate Agent and Loan Officer who are certified to work with this program. 

It is a wonderful program for clearing the foreclosures off the market and moving the market in Frederick City, and Brunswick MD. 

For more information on the program please feel free to contact me or any other qualified REALTOR or Local Loan Officer in Frederick.