CHAI Homebuyer Assistance Loan
CHAI’s Homebuyer Assistance Loan offers a 10-year term loan with zero interest. For the first 5 years, no monthly payments are required. At the start of the 6th year, the loan re-amortizes, and the borrower will begin making monthly payments for the balance of the term.
PROGRAM BENEFIT
This program can help cover closing costs and buyers’ fees, reducing the upfront costs associated with purchasing a home.
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 a home in an eligible neighborhood: Cheswolde, Cross-Country, Fallstaff, Glen, or Mount Washington.
- Household income cannot exceed 100% AMI.
- You have a minimum credit score of 640.
- You are working with a lender approved by the Maryland Mortgage Program (MMP).
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.
We're here to help.
Have more questions about this or other Baltimore City homeownership incentives? We're here to help! Send us an email or give us a call at (410) 637-3750. A Live Baltimore team member can walk you through your options.
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- Save your recommendations for later.
- Get access to our Financial Incentives Tool.
- Connect with a Live Baltimore staff member for a one-on-one consultation.
- Get a free I ♥ City Life bumper sticker.