Down Payment & Closing Costs
Homebuyers will need two types of funds to purchase their home: a down payment and closing costs.
A down payment is money a buyer must invest up-front toward the home they are financing with a mortgage loan. Buyers typically put down anywhere from 3% – 20% of their home purchase price, depending on the terms of their loan. Closing costs are the amount of money needed to complete a home purchase. These costs can average between 5% – 8% of a home’s purchase price (in addition to down payment funds) and typically include title, recording, and inspection fees; property taxes, and other escrow funds. The following programs can assist homebuyers with their down payment and closing costs.
Have more questions about Baltimore City down payment and closing cost incentives?
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