Home Buying in Pasadena>Question Details

Kristian Har…, Renter in Glen Burnie, MD

Are there really programs out there that help with Down Payment? Even on FHA loans?

Asked by Kristian Hargett, Glen Burnie, MD Thu Aug 30, 2012

The only programs I have found have income requirements and the requirements are far too low. We want to buy but we want a little more money in savings so that we aren't "house poor".

Help the community by answering this question:


In addition to the MD Mortgage Program (CDA) (speaking of which, if you're interested in this loan option, I HIGHLY recommend Ryan Vitielliss of First Home Mortgage, he actually teaches the CDA classes! He can be reached via email at rvitielliss@gofirsthome.com) there are also a few programs that offer up to 100% financing, call or email me for the scoop :) 443-454-5959 TBI.Homes@gmail.com

You can also set up a custom property search through my website to be notified of new property matches as they pop up!

Enjoy your journey to homeownership!
Web Reference: http://www.rachel-best.com
0 votes Thank Flag Link Thu Sep 6, 2012
yes there are program available. I can recommend a few lenders that have different programs. You can interview them to see which one works best for you. Call or email me. 443-336-8887 or jackikremer@aol.com.
0 votes Thank Flag Link Thu Aug 30, 2012
Yes, there are. I recommend you connect with a good local lender to see which ones you qualify for. We like Pete O'Donnell at First Home Loans (410) 299-2043. And you can visit us on-line to view all homes for sale in the area!
0 votes Thank Flag Link Thu Aug 30, 2012
And if you are looking for programs in Maryland...

Maryland Mortgage Program at http://www.mmprogram.org/

And HUD Homeownership Assistance: Maryland at http://www.hud.gov/local/md/homeownership/buyingprgms.cfm
0 votes Thank Flag Link Thu Aug 30, 2012
There are many programs available the Good Neighbor Next Door Program

Also there is the Home Advantage Program that can give you up to 4% down on a 0% interest, 30 year deferred loan.

No First Time Homebuyer Requirements
Primary Occupancy Only
No Acquisition Cost Limits
No Recapture Provisions
Income Evaluated on Applicants Only – Not Household
Income Limit up to $97,000 for Applicant Income
No More Running out of Funds
Better Market Rates – Rates Now Evaluated Daily
Down Payment and Closing Cost Assistance of up to 4%
No Reserves or Liquid Assets Required or Limited
All Buyers Using this Program Must Attend the Home Buyer Seminar
Home Buyer Seminars every Saturday and Two Wednesdays a Month!
On July 2, 2012, the Washington State Housing Finance Commission anticipates releasing the new Home Advantage Program. The Home Advantage Program replaces the House Key Program. This new program does not use tax-exempt bonds. It is a daily priced open market program which also provides down payment assistance in an amount up to 4% of the first lien loan amount.

The down payment assistance will be offered at 0% interest with deferred payments for 30 years and is due when the borrower sells, refinances or no longer occupies the home. No assessment of need or verification of liquid assets is required in order to receive the second mortgage.

Because tax-exempt bonds are not used in this program, the IRS guidelines followed in both the House Key Program are waived as per the Home Advantage Program Manual. There is no first-time homebuyer requirement, acquisition cost limit, business use of home limitations, IRS property restrictions, IRS forms, or recapture provision.

The income limit of $97,000 is applicable statewide for both the Home Advantage first and second mortgage.

0 votes Thank Flag Link Thu Aug 30, 2012
Wow, Thank you very much. This is giving me hope. We are preparing to put the money down ourselves but it would be a pleasant surprise if we could use our own money to store away in our rainy day fund.
Flag Thu Aug 30, 2012
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