Special offer

BUYING INCENTIVES FOR BALTIMORE CITY 2015 GRAND SLAM

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Mortgage and Lending with SWBC Mortgage 410-960-2061 NMLS 196068

WOW!!! CHECK OUT THIS BALTIMORE CITY (Not Just for) FIRST TIME BUYER GRANTS! GRAND SLAM BALTIMORE!

 

The newest incentive for Baltimore City Home Buyers-Not Just For FIRST TIME BUYERs!  ACT FAST, LIMITED FUNDS, SHOULD HAVE HOMEBUYER EDUCATION IN PLACE TO QUALIFY.

From the MMP directive:

We are pleased to announce that, effective today, September 2, 2015, we are offering four special incentives (hence, the name Grand Slam) for borrowers who are purchasing a home in Baltimore City.

The Maryland Grand Slam Program in Baltimore City will be open for reservations until the allocated funds for the grants are expended. The remaining balance of these funds will be posted daily in a flashing bulletin on Lender Online.

These incentives are:

First base: the interest rate is 1/4% below the regular MMP interest rate for a conventional or government loan, whichever is applicable;

Second base: $5,000 outright grant* for down payment and closing costs from the State of Maryland;

Third base: $2,500 outright grant* for down payment and closing costs from Baltimore City;

Home Plate : $450 CDA Mortgage Credit Certificate (MCC) fee waived for an MCC associated with an MMP loan under the Maryland Grand Slam (lenders may continue to charge their MCC fee up to a maximum of $350) – an MCC can save a borrower thousands on their federal income taxes over the life of the loan. *homebuyers cannot receive these grants to purchase a DHCD-owned foreclosed property

Other highlights of the program are: 

Property must be located in Baltimore City (within established acreage and the Purchase Price Limit of $525,091); 

Townhouses (row homes), detached or semi-detached homes, modular homes and FHA or Fannie Mae-approved condominiums are eligible.

If loan is a 97% conventional loan, condominiums are not eligible;  Grants under the Maryland Grand Slam cannot be combined with matching funds from CDA’s Partner Match Programs. However, other available assistance from Baltimore City, employers, builders, developers, non-profits, etc. may be utilized by the borrower in combination with this initiative. Maryland State employees may qualify for $2,500 from the Baltimore City Live Near Your Work Program; 

The entire city of Baltimore is a targeted area and therefore, someone buying a home in Baltimore City does not have to be a first-time homebuyer; however, they cannot own real property at the time of closing;  The income limit for a one or two member household is $108,600 and $126,700 for a three or more member household;

The maximum loan amount is $417,000.

 

LET'S TALK ABOUT YOUR OPTIONS FOR THIS AMAZING INCENTIVE!!  

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Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  SWBC Mortgage.   410-960-2061 EHO   bridget.mcgee@swbc.com or www.marylandmortgagemama.com

 

If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure! 

If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest.  Please contact me at 410-960-2061.

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