An Oct. 1 Real Estate item gave incorrect information about the Home Purchase Assistance Program offered by the D.C. Department of Housing and Community Development. Eligible first-time buyers can receive as much as $70,000 in down-payment assistance. They also may qualify for closing-cost assistance of up to $7,000 or 4 percent of the purchase price, whichever is less.
Assistance Programs Available in Maryland, Virginia and the District
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Eligibility for all of these programs varies widely, especially the income limits. More detail on requirements and procedures are available from these agencies.
MARYLAND
Community Development Administration
Maryland Department of Housing and Community Development
Phone: 410-514-7530 or 800-638-7781
Web site: http:/
Maryland offers several programs to assist resident first-time home buyers in purchasing a home and paying closing costs. These programs are available throughout the state, although in targeted areas the first-time home buyer requirement is sometimes lifted. Residents must participate in an approved home buyer workshop. There are additional requirements in certain counties.
· More House 4 Less (administered by the Community Development Administration): Available through approved lenders. Loans between 30 and 40 years available with fixed and varying interest rates, with interest-only payments for the first five to seven years.
· Down Payment Settlement Expense Loan Program: Helps eligible borrowers purchase a home by funding up to $5,000 for closing costs, with no interest.
· House Keys 4 Employees: Gives more down payment and closing costs assistance than the Down Payment Settlement Expense Loan Program. Borrowers who receive a contribution from eligible state employers receive matching funds of up to $5,000.
· Live Near Your Work Plus: Premium-priced first mortgage program that offers a first mortgage (at a slightly higher interest rate than More House 4 Less program) that provides borrowers who are purchasing a home within 25 miles of their place of employment with a 3 percent closing costs assistance grant.
ANNE ARUNDEL COUNTY
Arundel Community Development Services Inc.
Phone: 410-222-7600
