City Lift Down Payment Assistance Program for Baltimore City Homebuyer

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Real Estate Agent with Century 21 New Millenium MD RE License 579412

City Lift Down Payment Assistance Program for Baltimore City Homebuyers

Yesterday I had the pleasure of attending an informational breakfast hosted by Wells Fargo and Neighborhood Housing Services about this great home ownership program that is going to be unveiled in the City of Baltimore on January 2, 2013. 

City Lift Down Payment Assistance Program is a limited time program.  It is designed to help aspiring homeowners pull together the necessary down payment monies to purchase a home.  For a limited time, if eligible, homebuyers may be able to receive $15,000 for down payment assistance for the purchase of a primary owner-occupied residence in the City of Baltimore.  The full $15,000 is forgivable after the purchaser has lived in the home for five years and if you sell before the end of five years then is forgiven at a rate of 20% per year. 

Homebuyers must meet all the program requirements in order to be eligible for the down payment assistance and its ongoing benefits and these funds can be layered with other down payment assistance programs like the Vacant to Value program, Healthy Neighborhoods program, Live Near Your Work, Smart Keys for Employees and some others. 

Homebuyers can purchase single family detached homes, 2-4 unit homes, condos and PUDS (planned urban development) but no manufactured homes and the property must be owner-occupied primary residence and the home must be in the City of Baltimore.

There are income limits and the City Lift down payment assistance program is available if you are approved for home financing and your household income is equal to or less than 120% of the Area Median Income adjusted for houshold size.  Take a look at the table below.

 

Household Size

115%

120%

1

$68,950

$71,900

2

$78,800

$82,200

3

$88,650

$93,450

4

$98,450

$102,700

5

$106,350

$110,950

6

$114,250

$119,150

7

$122,100

$127,350

8

$130,000

$135,600

This program will be unveiled and available on January 2, 2013.  If you want to qualify you need to start the process now so you don't miss out on the limited time funds.  $1,000,000 will be released on January 2, 2013 and once those funds are gone then you have to wait until April 5 and 6, 2013 before the remaining funds are released and you'll need to qualify again. 

If you are interested in purchasing a home in Baltimore City and you aren't already working with an agent please contact me so I can refer you to an approved lender and get you started on the path to home ownership.

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If you are thinking of buying or selling an home in  Maryland give me a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market.  Century 21 New Millennium is part of the largest nationwide relocation company and can assist with your move here in Maryland or anywhere in the United States or abroad.  Ask me how.

In keeping with saluting our heroes, during 2013 I am waving flat fees for active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's. If you enter into a contract by the New Year's eve I will waive the flat fee at settlement. This is a $395 savings. If you are thinking about buying or selling a home give me a call and receive full service real estate assistance from an experienced agent. Our office is open 7 days a week and we can be reached at 410-730-8888 or I can be reached directly at 410-292-0100.

June Piper-Brandon ~ Associate Broker, CDPE, CIAS, ePro 

Century 21 New Millennium - #1 Century 21 in the World 

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