CHAI Homebuyer Incentive Grant
CHAI’s Homebuyer Incentive Grant provides $5,000 in closing cost assistance to eligible first-time homebuyers purchasing a home in Baltimore’s 21215 zip code. The grant is fully forgivable if the borrower remains in the home for at least five years. If the property is sold or transferred before five years, a prorated portion of the grant may be required to be repaid.
PROGRAM BENEFIT
This grant helps reduce upfront costs by covering eligible closing expenses for first-time homebuyers.
ELIGIBILITY & LIMITATIONS
- You are a first-time homebuyer. Applicants must not have owned a residence in the past three years.
- You must earn a homeownership counseling certificate from a City-approved counseling agency before making an offer on your home. *Homeownership certificates are valid for 12 months from the date of completion.
- You are purchasing within the 21215 zip code.
- Household income cannot exceed 150% AMI.
- You have a minimum credit score of 640.
- You are working with a lender approved by the Maryland Mortgage Program (MMP).
- The home’s purchase price must not exceed $483,900.
PROGRAM CONTACT
For questions about funding or applying for this incentive, please contact: Comprehensive Housing Assistance, Inc. (CHAI)
(410) 500-5359
Live Baltimore is not responsible for the distribution of incentive funds for this Incentive. Incentive funds are administered by CHAI. We promote this incentive for educational purposes only. Learn more about us.
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- Get a free I ♥ City Life bumper sticker.