There Is Money Out There For You

Free Money for Down Payments on Homes

My dad always said, "Money does not grow on trees," but he was wrong. Did you know that there are programs out there that will give you down payment money? Would you like some? The programs are with the Maryland Department of Housing and Community Development. Here are some programs and their guidelines:

CDA

• 30-year fix FHA, VA or RHA down payment and/or closing help
• Fix rate loan
• Eligibility–income and purchase limits vary from county to county
• First-time home buyers, people who have not owned a home in three years, and veterans
• Cannot have a cosigner but may have gift funds
• Calculated household income (agent or lender can help more with this)
• Classes up to 8 hours of credits are required, hours vary from county to county
• May use on new construction in Priority Funding Areas

There is a lower special interest rate on Department of Housing and Community Development foreclosure properties, applicable to loan rates on any foreclosure or short sale home.

House Keys 4 Employees

• Additional down payment assistance through employer's matching contributions
• Department of Housing and Community Development will match up to $2,500 of the employer's contributions
• Still need to meet the same guidelines of CDA and add on top of that money
• There are a number of employers in the program (ask your agent to find out whether your employer is in the program)
• May use both spouses' benefits if both are are part of the program

Smart Keys 4 Employees

• Can add this money to the House Keys 4 Employees money
• Work and live in the same county, or live within 10 miles of work if in different counties
• State of Mandy Employees

HK4E

• State of Maryland Employees Money
• Must be able to provide copy of pay stub
• Property located in one of Priority Funding Areas
• Department of Housing and Community Development offers a bonus match up to $1,000

BDIP

• Builder/Developer Incentive Program for homebuyers to receive down payment and/or closing cost assistance
• Department of Housing and Community Development will match dollar for dollar up to $2,500 from participating builder

These are just a few of the programs out there to help with purchasing a home. If you'd like more information on any of the programs or have questions about them, check with your agent.