You can get $15,000 in down payment assistance in Baltimore City. These funds have been made available as part of a settlement agreement between Well Fargo and the City of Baltimore. Securing the grants will require that you take an 8 hour homebuyer course. Depending on how you like to learn this course can be taken in a classroom or online through ehomeamerica. Before you completely dismiss the idea, consider that it may be a great way to kick off your home search. That works out to $1,875 per hour - not bad!
Spring is coming, now is the time to get qualified for $15,000 in down payment assistance. Its a great way to lower your monthly mortgage payments. Who doesn't like that?
The program has some income limits; your income can be up to 120% of area medium income for Baltimore City. According to NHS of Baltimore in 2012 the 100% area medium income for a family of four was $86,400. The figure is subject to change based on the size of the family and potential revised figures for 2013.
The program is called Wells Fargo City LIFT click here to read the news release.
After you pick up the homebuyer education certificate you'll need a mortgage preapproval letter from a City LIFT approved lender - there are currently 10 to choose from.
Last, and this is the part where you'll need a real estate agent, you'll need a signed sales contract on the property you wish to purchase.
There will be a second phase of the Baltimore CityLIFT program that will be rolled out in early April. This phase is for buyers who have not found their home of choice. You'll still need the 8 hour home buyer education class and a preapproval letter from a participating lender. The difference is that you'll be able to take 90 days to find a home, place it under contract, and go to settlement.
You should not wait until April. With our current low inventory levels in the Baltimore Metropolitan area I'm anticipating a fast paced housing market for Spring 2013. I think you'll be glad you beat the rush.
You can get $15,000 in down payment assistance in Baltimore City.
Act now, supplies are limited!