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.