Down Payment Help
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Maryland
Department of Housing and Community Development
HOPE hotline (foreclosure prevention): 877-462-7555
More House 4 Less (for information on mortgage products): 800-638-7781
http:/
Down Payment and Settlement Expense Loan Program: Borrowers who qualify for the state's mortgage program may also qualify for a $2,500 loan that can be applied toward their down payment. It is a no-interest loan that is not paid back until the homeowner sells or refinances the home.
House Keys 4 Employees: Borrowers who receive a contribution from eligible employers can receive a grant worth up to $5,000 for down payment assistance.
Qualified borrowers may also be eligible to receive a grant worth 2 percent to 3 percent of the purchase price of their home that could be applied to their down payment or closing costs.
Virginia
Department of Housing and Community Development
The department has two first-time-home-buyer programs to help low- and moderate-income people with down payments. A home buyer can participate in one of the programs but not both.
Virginia Individual Development Account Program: The state will match every dollar saved by the home buyer with $2, for up to $4,000. If the home buyers save $2,000 on their own, they would be eligible for up to $4,000 from the state to help make their down payment. 888-843-2946.
Another program to help income-eligible families may provide first-time home buyers with up to 10 percent of the purchase price of the home to cover the down payment. That jumps to 20 percent in some higher-cost parts of the state through another fund.
