There are a number of families relocating to the Baltimore area for BRAC, the Base Realignment and Closure Program. Many BRAC transferees will be working at the Aberdeen Proving Grounds in Aberdeen, MD.
To help families with their necessary moves, the State of Maryland government has put a few closing cost assistance programs into place.
These programs are through the Maryland Mortgage Program (also known as MMP), including programs such as CDA, House 4 Keys, and DSELP programs.
The newest release is called the BRAC Match Program.
According to the Maryland Department of Housing and Community Development, (DHCD) in Directive 2010-22,
The BRAC Match Program is a new program that enables eligible BRAC homebuyers to receive $2,500 in downpayment and/or closing cost assistance. BRAC Match Program assistance is provided through a zero percent deferred loan repayable at the earlier of maturity or prepayment of the first mortgage, or sale or transfer of the property and can be combined with other downpayment and closing cost assistance programs such as the $5,000 currently available to all borrowers through the Downpayment and Settlement Expense Loan Program (DSELP).
If you are affected by BRAC and moving to the Baltimore area, you have many options available to you now.
Contact me to learn more about the BRAC buyer assistance programs and how they may benefit you buying a home in Maryland.