First Time Homebuyers Incentive Program

By
Real Estate Agent with Coldwell Banker Realty MD RE License 579412

First-Time Homebuyers Incentive Program

The First-Time Homebuyers Incentive Program was formerly called the Community Development Block Grant (CDBG) Homeownership Assistance Program and provides $10,000 in down payment and closing cost assistance to eligible first-time homebuyers buying a home in Baltimore City.  First-time homebuyers buying in City designated "impact investment areas" can receive an additional $10,000, for a total of $20,000 in assistance.  

This is a list of things you need to know about this program:

  • You must earn a homeownership counseling certificate from a HUD approved provider before making an offer on your home.
  • You have to live in this home as your primary residence
  • You must contribute at least $1000 of your own money to your home purchase - this can include the cost of the home inspection and appraisal
  • Your mortgage amount cannot exceed the current FHA mortgage limit of $517,500 for a single-family home
  • You must apply and be approved prior to closing on your home.  Program funds are not retroactive
  • Household income cannot exceed 80% of AMI
  • First-time homebuyers only
  • Requires a "Housing Quality Standard" (HQS) inspection from an approved home inspector
  • Fixed-rate mortgages only. Co-signers, cash sales, and owner-financing are not permitted.

 

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If you are thinking of buying or selling a home in  Maryland give me a call at 410-292-0100 or start your search here and I'll talk about the market conditions and what your home could possibly be worth in today's marketplace if you are thinking of selling.  If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone are worth the plunge into today's market. Coldwell Banker and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here to Maryland or anywhere in the United States or abroad.  Ask me how.

During these trying times, Coldwell Banker and I are equipped with the latest technology to sell your home using Virtual Open Houses, Virtual showings, electronic signing, virtual inspection, and even online closings.   You can reach out to me through Snapchat, Duo, Skype, Google Hangouts, What's App, text messaging, or simply by phone.  We take you and your family's health and safety very seriously.  

June Piper-Brandon ~ Associate Broker ~ MRP, AHWD, CDPE, ePro

Coldwell Banker

410-292-0100 - Direct   410-461-7600 Office

June Piper Brandon - Agent with Century 21 New Millennium

June Piper Brandon - Agent with Century 21 New Millennium

Comments (5)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello June Piper-Brandon many first time home buyers can benefit these incentive program.

Dec 05, 2022 08:26 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Dec 06, 2022 03:20 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Joan - this is a sound program and very attractive to first time home buyers.

Dec 06, 2022 03:36 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Joan,

I'm sure you are finding this is a very attractive program for your first time home buyers. Thank you for sharing.

Dec 06, 2022 04:25 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Dec 06, 2022 05:15 AM