Baltimore Southwest Partnership Inc Down Payment Assistance Program

What is Baltimore Southwest Partnership Inc Down Payment Assistance Program?

Baltimore Southwest Partnership Inc Down Payment Assistance Program is a deferred second loan for homebuyers in Baltimore, Maryland.

• Project-based DPA for SWP-rehabilitated homeownership zones in Pigtown, Mount Clare, and Franklin Square (Southwest Baltimore). $5K-$20K typical, 0% deferred forgivable, 5-year retention (project-specific affordability covenant longer). 80% AMI, FTHB. Layered with State DHCD / City / CDFI subsidies.
• Down payment / closing-cost assistance for buyers purchasing in the Southwest Partnership (SWP) footprint - the seven Southwest Baltimore neighborhoods of Barre Circle, Franklin Square, Hollins Roundhouse, Mount Clare, Pigtown, Poppleton, and Union Square. Project-based DPA layered into SWP-rehabilitated homeownership zones in Pigtown (adjacent to Carroll Park), Mount Clare (Union Square / Wilkens Avenue), and Franklin Square (Franklin Square Park / Route 40 corridor). Typical assistance ranges $5,000-$20,000 depending on project, layered with State DHCD subsidies, City of Baltimore subsidies (V2V, BRNI, etc.), and CDFI funding. Structured as 0% deferred forgivable second mortgage with 5-year retention (or longer affordability period for more heavily subsidized projects). 80% AMI cap (income range $62,600-$118,050 per LendSquawk seed). FTHB only (typically). Pairs with Maryland Mortgage Program first mortgage and other FHA/VA/USDA/conventional first mortgages.
• Funding comes from Foundation, State, Local Government, and CDFI.

Do you have to pay it back?

Baltimore Southwest Partnership Inc Down Payment Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Soft second, due on sale/transfer/cash-out refi/non-owner-occupancy. Forgiveness schedule project-specific (typically 5 years pro-rata, and longer affordability covenant may apply on resale).
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Baltimore Southwest Partnership Inc Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Baltimore Southwest Partnership Inc Down Payment Assistance Program limits household income to 100% of the area median income, which varies by county and household size.

• Household income at or below 80% AMI for Baltimore HMFA (~$62,600 1-person to $118,050 8-person per seed; verify with SWP for current cycle).
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Baltimore Southwest Partnership Inc Down Payment Assistance Program caps the purchase price as follows: Per project sale price; SWP-rehabilitated homes typically priced under $250K-$300K.

• Eligible property types include Single-family detached, Rowhouse, and Townhome.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Baltimore Southwest Partnership Inc Down Payment Assistance Program serves buyers purchasing in Baltimore, Maryland.

• The program targets specific areas: TARGETED NEIGHBORHOODS: Southwest Partnership footprint - Barre Circle, Franklin Square, Hollins Roundhouse, Mount Clare, Pigtown, Poppleton, Union Square. Primary homeownership-zone activity in Pigtown, Mount Clare, and Franklin Square.

How do you apply?

Applications for Baltimore Southwest Partnership Inc Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Baltimore City-approved homeownership counseling agencies (NHS of Baltimore, GO Northwest, Druid Heights CDC, etc.). SWP refers buyers to partner counselors..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Project-based; buyer applies for an SWP-rehabilitated home through SWP's homebuyer process. SWP coordinates DPA layering with state DHCD, city DHCD, and partner CDFI., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.