First-time Homebuyer Down Payment Assistance Programs
As a potential first time home buyer, you know the sacrifices
made to save sufficient money to make a down payment on a home.
For some, it seems impossible to even begin to save enough cash
without some form of down payment help, much less saving
that money in the time necessary to take advantage of today's
low mortgage rates.
James Adamson works with a wide range of Down Payment Assistance
(DPA) Programs to help qualified borrowers purchase a new home.
Some down payment programs have income restrictions and/or purchase
price restrictions. James and his support team can help you work
through the qualifying process. James has over 20 years experience
looking for opportunities to assist first time home buyers with
identifying and utilizing available local or state programs.
If you meet the income requirements for your area, and if funds
are available through the down payment program, then chances are,
we can locate a HUD Approved assistance resource for you!
So, who is a first time home buyer? A first time home buyer
is defined as an individual, who has not had an ownership interest
in a home within the last three years. If you fit this definition,
you may be eligible for a home buyer grant.
Down Payment Assistance (DPA) Programs are loan programs designed
to assist first-time home buyers with the required down payment
and closing costs required by the FHA loan program. Please
note: most DAPs require an application AND participation in a
homeownership counseling program BEFORE the purchaser signs a
The two major types of down payment programs are:
Programs backed by 501 (c) (3) non-profit organizations
or a county, city or state that require seller help to the buyer
in order for the buyer to take advantage of the program.
Programs backed by county, city or state secured
by a second mortgage. Some of these second mortgages require
no payments initially; some programs forgive the loan after
10-20 years of living in the home. Funding is limited and based
on a first-come-first-served basis.
Following is a partial list of down payment assistance programs
available in the Baltimore-Washington metropolitan area:
MY HOME Mortgage Assistance Program -
for any property in PG County - up to 5% of sales price towards
down payment and/or closing costs - first time home buyer only
MY HOME II Mortgage Assistance Program
- $20,000 assistance for properties located in designated zip
codes and with income restrictions
BUY SUITLAND Mortgage Assistance Program
- up to $40,000 down payment and/or closing costs - foreclosure
and short sale properties only - first time home buyer only
DC HPAP/NEEHAP - down payment assistance
up to $40,000 with $4,000 towards closing costs - may be used
with 203K - first time homebuyer only
Maryland CDA (Community Development Administration)
- also known as Maryland Mortgage Program - range of loan products
and down payment and closing cost assistance programs
Officer and Teacher Next Door - Law enforcement
officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency
medical technicians can contribute to community revitalization
while becoming homeowners through HUD's Good Neighbor Next Door
Sales Program. HUD offers a substantial incentive in the form
of a discount of 50% from the list price of the home.
Neighborhood Conservation Initiative (NCI)
- down payment and closing cost assistance loans to first time
home buyers for properties in select zip codes
Other County Down Payment Assistance Programs
available in Anne Arundel, Howard, Montgomery, Charles, Baltimore
County and Baltimore City