Home Buying in Laurel>Question Details

Astridplondo…, Home Buyer in

Downpayment assistance programs?

Asked by Astridplondon%40gmail.com, Mon Oct 15, 2012

Does anyone know of any down payment assistance programs in the DC metro area?

Help the community by answering this question:


There are several down-payment assistance programs currently available.

The CDA Maryland Mortgage Program provides low-interest mortgage loans to eligible homebuyers with low- to moderate-income households through private lending institutions throughout the State. The Program began in 1980 and is targeted primarily to first-time homebuyers.

Grants and settlement loan expense programs that can be combined to create virtually no-cost loans for first time homebuyers with little or no housing payment history.

The CityLIFT program provides $20,000 in down payment assistance funds to eligible homebuyers who are purchasing a home within Washington, DC and Prince George’s County, MD.
DPCCA, this program offers down payment and closing cost assistance to purchase a vacant foreclosed home. Eligible homebuyers must be either first time homebuyers or cannot have owned a home in the previous three years.

Community Homeownership Incentive Program or "CHIP" for short. Qualifying buyers can get up to 100% financing (NO MONEY DOWN) with NO PMI (Private Mortgage Insurance).

And more, depending on what City and/or County you want to live in?

Certain qualifications must be meet, to find out which program you qualify for, call or text me.
Realtor Juanita Brown.
0 votes Thank Flag Link Mon Oct 15, 2012
Here are a few:

New Savings for Military Homebuyers ~ MD Homefront $50 Million Initiative

$30 Million Targeted Areas Initiative Offers 2.875% Interest Rates for Maryland Homebuyers

Buy Suitland Initiative: Up to 5% of Home Purchase Price to First-Time Homebuyers Up to 7% for Local Civic Employees

Up to $10,000 Downpayment / Closing Costs Assistance with American Dream Downpayment Initiative

Receive Up to $15,000 for Down Payment from Participating Banks

Maryland Veterans Homeownership Initiative for Prince George's County

Sheriff & Police Officer Tax Breaks

Up to $35,000 for Those Who Work and Buy a Home in College Park
0 votes Thank Flag Link Mon Oct 15, 2012
Thank you for specific program information!
Flag Mon Oct 15, 2012
There are a number of downpayment assistance programs and no down payment loans. VA offers no down payment loans. USDA offers no down payment loans for certain rural areas like southern Anne Arundel, Carroll County and other targeted areas. There is CDA, a state of Maryland grant, and FHLBA which is a federel grant. Both give up to $5000 for down payment help. Also Baltimore City may have some just for the city and some Counties and some employers have programs as well. All these types of loans are originated by mortgage companies. Not all lenders have all the programs. You have to do some research.
0 votes Thank Flag Link Mon Oct 15, 2012
Some of the buyer programs are Md. county specific, which Maryland county are you considering purchasing you home in?
0 votes Thank Flag Link Mon Oct 15, 2012
There are a number of programs available. Most are specific to an area (rural, state, county, city, etc), type of property (foreclosure, reo, etc) and buyer situation (income, credit, available cash, etc). So, its hard to give you specific advice without knowing more information.
Feel free to contact me. Im Workforce Housing Certified to assist buyers with limited funds. I can point you in the right direction.

0 votes Thank Flag Link Mon Oct 15, 2012
Jeff, Halbert with First Home Mtg http://www.gofirsthome.com/jeffrey_halbert would also be able to help you with that as well as many of the programs are income specific.

0 votes Thank Flag Link Mon Oct 15, 2012
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