Buying Into Baltimore - Trolley Tour - 01/28/2023
The Buying into Baltimore downpayment and closing cost incentive of $5,000 is awarded by lottery 10 days after the Trolley Tour event to 20 homebuyers chosen from a pool of qualified buyers. This event is being held on Saturday, January 28, 2023, from 8 am to 1 pm and is being held at the Henderson Hopkins School located at 2100 Ashland Ave, Baltimore, MD 21205.
After the Trolley Tour qualified home buyers have 10 days to submit their applications complete with an accepted offer. The acceptance date has to be after the Trolley Tour event. To register for the upcoming event go to the Live Baltimore event page.
There are some limitations and eligibility requirements that need to be met in order to qualify.
- you must earn a homeownership counseling certificate from a HUD-accredited facility (see link below for blog on this)
- you must live in the home as your primary residence
- you have to contribute at least $1000 of your own money, which can include the cost of a home inspection and appraisal.
- your mortgage amount can not exceed the FHA loan limits for a single-family home, which is $583,050
- you must apply and be approved prior to closing on your home, you can not receive the funds retroactively
- there are no household income restrictions
- you do not need to be a first-time buyer, however, you can not already own a home
- Fixed-rate mortgages only. Co-signers, cash sales, and owner financing are also not eligible.
This is part of a series of blogs outlining some of the downpayment assistance programs in Baltimore City. In case you missed the others, links to these blogs are here:
I have been selling Baltimore City homes since 2003 and have helped hundreds of homebuyers become homeowners. I can help you too!!