Down Payment Assistance Programs in Maryland & Washington DC

First-time Homebuyer Down Payment Assistance Programs in Maryland & Washington DC

As a potential first time home buyer in Maryland or the Washington DC area, 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 in Maryland & Washington DC. 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 35 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 in Maryland & Washington DC 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 contract.

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 Maryland and DC area including Montgomery County, Howard County, Prince Georges County, Baltimore County, Baltimore City, Frederick County, Carroll County, Anne Arundel County & More:

MMP Program.
- 3%, 4%, and 5% assistance.
- Smartbuy can pay off up to $40K in student loan debt.
- HomeAbility can get up to $40K assistance.
- Montgomery County $25K assistance.
Ameris DPA Grant:
- MD, DC, VA areas
- At least one borrower has to be 1st time home buyer.
- Grant 4% of sale price up to max $12,500 which ever is less. Forgiven after 5yrs.
- 3% down, max DTI is 50%, CONV only, and min credit score of 620.
- Max income limit. DC metro areas $120K and Baltimore Metro areas $97K.
Ameris HEE Grant:
- No income limit.
- If currently lives in one of approved census tracks can buy in any state or area and use funds.
- Grant 4% of sales price up to max $12,500 which ever is less. $5K is forgiven at closing and $7,500 is forgiven after 5yrs.
- Only one borrower has to be 1st time home buyer.
- Borrower gets a $500 appraisal credit and $500 home warranty credit at closing.
- 3% down, max DTI is 50%, CONV only, and min credit score of 620.
Montgomery County 5 for 5 program.
- Borrower must be 1st time home buyer.
- 5% of sales price up to $10,000.
- Amortized over 10 years at 5%
- Must work in Montgomery County.
- Owner occupied only.
Prince Georges County Pathway to purchase.
- Borrower must be 1st time home buyer.
- Purchase price limits are $337,000 for resale and $399,000 for new construction.
- Borrower must complete a minimum 8 hour in classroom housing counseling class provided by a HUD Certified housing counseling agency.
- Borrower must repay the loan up to the full amount when the home is sold, transferred or ceases to be the primary residence of the buyer within 10 year affordability period.
- HQS inspection required
DC HPAP, EAHP, Open Doors, and DC tax abatement.
- Borrower must be 1st time home buyer.
- Several programs available.
- Most forgivable after 5 years.
Howard County DPA programs.
- Median income limits apply.
- Max purchase price limit is $484,432.
- Several programs available.
Frederick County DPA program.
- Borrower must be 1st time home buyer who live and work in Frederick county.
- Up to $10,000 in assistance available based on Area Median Income. Income limits apply.
- Minimum borrower contribution of $500 required.
- Primary residence only.
Baltimore County SELP program.
- Homebuyers must attend a 1st time homebuyer’s two-part class and workshop and make appointment for individual financial counseling with a housing counselor before putting an offer on a property.
- Up to $10,000 to income eligible purchases to help pay down payment and closing costs.
- Assistance in form of deferred loan forgivable if homeowner occupies property as a primary residence for 15 years.
Baltimore City First Time Homebuyer Incentive Program (formerly CDBG), Live Near Your Work, Trolly Tour, Vacants to Value.
- Borrower must be 1st time home buyer.
- Several programs available.
- Most forgivable after 5 years.
- Income limits and other eligibility requirements apply.
- Homebuyers must attend a 1st time homebuyer’s two-part class and workshop and make appointment for individual financial counseling with a housing counselor before putting an offer on a property for most programs.
FHLB currently out of funds.
- At least one borrower must be a 1st time home buyer.
- $12,500 grant, Community Partner’s and Veterans $15,000.
- Income limits apply.
- Grant forgiven after 5 years.
- Minimum credit scores apply. FHA & VA 580, Conv 620, USDA 640.