NHS of Baltimore Down Payment Assistance Program

What is NHS of Baltimore Down Payment Assistance Program?

NHS of Baltimore Down Payment Assistance Program is a deferred second loan for homebuyers in Baltimore, Maryland, administered by Neighborhood Housing Services of Baltimore, Inc. (NHS of Baltimore).

• NHS of Baltimore's Down Payment Assistance Program is a conventional loan product for buyers purchasing an owner-occupied home in Baltimore City. It provides up to 95% LTV in a first lien and up to 25% (maximum $45,000) in a 0%-interest second lien for down payment and closing costs, with combined LTV capped at 105%. The second lien requires no payments and is deferred for the life of the first lien, becoming payable upon sale, refinance, or transfer; assistance is not limited to first-time buyers.
• Up to $45,000 (25%) second-lien assistance.
• 0% interest second lien.
• Payment deferred for life of first lien.
• Not limited to first-time buyers.
• Up to 95% LTV first lien.
• Covers down payment and closing costs.

How much assistance does it provide?

NHS of Baltimore Down Payment Assistance Program offers up to $45,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — Neighborhood Housing Services of Baltimore, Inc. (NHS of Baltimore) determines any individual award.

Do you have to pay it back?

NHS of Baltimore Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Second lien at 0% interest; payment deferred for the life of the first lien and becomes payable upon sale, refinance, or transfer of the home.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

NHS of Baltimore Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

NHS of Baltimore Down Payment Assistance Program sets its income limit as follows: Based on total household income for all persons 18 and older living in the home; maximum income depends on the county/city of purchase.

• 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?

NHS of Baltimore Down Payment Assistance Program can be used for Single Family, Townhouse, Condo, and 2-4 Unit.

• New construction is not eligible.

Where does it apply?

NHS of Baltimore Down Payment Assistance Program serves buyers purchasing in Baltimore, Maryland.

How do you apply?

Applications for NHS of Baltimore Down Payment Assistance Program go through Neighborhood Housing Services of Baltimore, Inc. (NHS of Baltimore), 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 HUD-approved NHS Homebuyer Workshop plus NHS one-on-one homebuyer counseling.

2. 2

   Contact Neighborhood Housing Services of Baltimore, Inc. (NHS of Baltimore) to reserve funds

   Funds are reserved with the provider 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.