Homebuyer must be employed and paid by the Mayor and City Council of Baltimore City for minimum of six months.
Only one City employee per household may receive assistance.
The mortgage loan may not exceed $417,000.
|Homebuyer must earn their Homeownership Counseling Certificate from a City-approved counseling agency before writing a sales contract.|
|The home must be the homebuyer’s primary residence.|
|Homebuyer must invest a minimum of $1,000 from personal resources.|
|Incentive may be used toward downpayment and closing costs.|
|Incentive is a five-year forgivable loan (Your balance is forgiven by 20% each year, at the end of five years you no longer have a balance).|
|This incentive may be used in addition to other incentives.|
|Incentive appears as a second lien on property until the balance is forgiven or repaid.|