Buying Into Baltimore Down Payment and Closing Cost Assistance

What is Buying Into Baltimore Down Payment and Closing Cost Assistance?

Buying Into Baltimore Down Payment and Closing Cost Assistance is a forgivable loan for homebuyers in Baltimore, Maryland.

• $5,000 down payment / closing cost incentive awarded by lottery (~20 winners per Trolley Tour event, 3x/year). 5-year forgivable second. NO income limit, NOT FTHB-only. Open to any qualified Baltimore City buyer who attends and completes Live Baltimore's Trolley Tour requirements. Administered by Baltimore City DHCD; promoted by Live Baltimore.
• Buying Into Baltimore is a $5,000 down payment and closing cost incentive structured as a 5-year forgivable loan, awarded by lottery to buyers who attend Live Baltimore's Trolley Tour event (held three times per year - typically a spring, summer/fall, and special event). Approximately 20 homebuyers are randomly selected from the post-event eligible-applicant pool to receive the $5,000 incentive. The loan is administered by Baltimore City Department of Housing & Community Development (DHCD) and forgiven 20%/year over 5 years of continued owner-occupancy as primary residence. NO household income restriction and NOT limited to first-time homebuyers - making this one of the most broadly accessible Baltimore City incentives. Property must be located within Baltimore City limits. Buyer must contribute at least $1,000 of own funds. Homebuyer counseling certificate from a city-approved agency required (valid 12 months). Pairs with Maryland Mortgage Program (MMP) first mortgage and other FHA/VA/USDA/Conventional fixed-rate first mortgages.
• Funding comes from Federal CDBG and Local Government.

Do you have to pay it back?

Buying Into Baltimore Down Payment and Closing Cost Assistance is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgiven 20% per year over 5 years of continuous owner-occupancy. If property is sold, transferred, refinanced (cash-out), or no longer primary residence within 5 years, prorated unforgiven balance becomes due.
• 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?

Buying Into Baltimore Down Payment and Closing Cost Assistance is open to buyers who will live in the home as their primary residence.

What are the income limits?

Buying Into Baltimore Down Payment and Closing Cost Assistance sets its income limit as follows: NO household income restriction for Buying Into Baltimore. (Income range $68,450-$129,050 in LendSquawk seed reflects the typical 80% AMI Baltimore HMFA range used for layered Baltimore City programs; Buying Into Baltimore itself has no cap.).

• 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?

Buying Into Baltimore Down Payment and Closing Cost Assistance caps the purchase price at $731,400.

• Eligible property types include Single-family detached, Townhome, Rowhouse, Condominium, and 2-4 unit owner-occupied.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Buying Into Baltimore Down Payment and Closing Cost Assistance serves buyers purchasing in Baltimore, Maryland.

How do you apply?

Applications for Buying Into Baltimore Down Payment and Closing Cost Assistance 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 (e.g., NHS of Baltimore, Druid Heights CDC, Belair-Edison Neighborhoods, Southeast CDC, GO Northwest, St. Ambrose Housing Aid Center)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Lottery: Attend Live Baltimore Trolley Tour, complete attendance verification, register for lottery via Baltimore Applicant Portal (https://applicantportal.dhcd.baltimorecity.gov). Drawing held 12 business days after Trolley Tour. ~20 winners per drawing., 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.