The downpayment assistance tied to this mortgage loan is a $5,000 deferred loan.
The buyer must have at least $25,000 in student loan debt; military members do not need to meet this student loan debt requirement.
Interest rate is a .25 percentage point under published rate.
|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.|
|Mortgage loan cannot exceed $525,901.|
|Homebuyer must invest a minimum of $1,000 from personal resources.|
|Incentive may be used toward downpayment and closing costs.|
|This is a 0% interest deferred loan (You must repay this loan when you refinance your mortgage, transfer ownership, or sell the home).|
|The home may have up to 4 zoned residential units.|
|Homebuyer may not own any other properties, including investment properties, at time of settlement.|
|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.|
|Homebuyer must use an approved lender.|
For More Information
Maryland Department of Housing and Community Development
(800) 756-0119 ext. 3