Baltimore is offering CityLIFT program, which is a downpayment assistance program in areas of Baltimore City.
There are many qualification requirements, and currently funds are limited, but I have a few lenders with whom I work who are approved to provide the program.
The CityLIFT program offers a $15,000 grant that can be forgiven after five years. It can be used in conjunction with CDA and other city downpayment loans.
Here are some details about the Baltimore CityLift program:
The CityLIFT program allows participants with a household income up to 120% of the Area Medium Income, maximums (120%) listed below:
1 Person $71,900
2 People $82,200
3 People $92,450
4 People $102,700
5 People $110,950
6 People $119,150
7 People $127,350
8 People $135,600
Qualified borrowers will need to get homeownership counseling, which is an eight hour class that will teach buyers about the home buying process. It also requires one hour session with a certified housing counselor. These recommendations can be made through any of the CityLIFT program lenders, or you can find out more from the NHS, the NeighborWorks Homeownership Center ‘s site.
Qualified homebuyers must live in the house, and it must be their principal residence for five years.
For more information about the Baltimore CityLIFT program, please contact me and I can put you in touch with one of the qualified lenders. What a great thing for Baltimore City real estate! I look forward to seeing how the program helps our city!