Baltimore City Homebuying Incentives

by Charlie Maykrantz 7. January 2015

Are you in the market to buy a home? If you're a first-time buyer looking to purchase a home in Baltimore City, but short on funds for down payment and closing costs or looking for a home within a particular price range, let 1st Mariner Bank show you the way. For qualified individuals, we can show you how the different grant and closing cost programs can provide you with the funds needed to make your transaction complete. Here are a few of those programs:

Buying into Baltimore

This trolley tour is a twice a year event sponsored by the Live Baltimore agency where 30 lucky individuals can receive up to $5,000 to be used for the purchase of a city property.

Baltimore City Employee Homeownership Incentive

The Baltimore City Employee Homeownership Incentive program is for qualified individuals who are employed and paid by the mayor and City Council program. The program can provide up to $5,000 toward buying a home.

Homeownership Assistance Program

This is for first-time buyers who may receive a $5,000 incentive from the Community Development Block Grant (CDBG) toward the purchase of a home. This loan may be used in conjunction with a Vacant to Value property.

Live Near Your Work

The Live Near Your Work program is for first-time homebuyers who would like to purchase a home near their place of employment. This incentive is only for participating lenders who will determine the eligibility requirements and benefits, as well as restrictions for their employees. The assistance amount of $2,000 to $36,000 will depend on your employer’s participation. It is a match program of the employer and the city. All individuals should contact their Human Resource department for eligibility and application information.

Good Neighbor Next Door

This is a program that offers an incentive for law enforcement officers, firefighters, emergency medical technicians, and teachers of grades K-12 who are interested in becoming a homeowner. This program offers a 50% discount from the list price of a home as offered by the program administrator.

For more information on these programs or any of our other products at 1st Mariner Bank please feel free to contact Charlie Maykrantz at cmaykrantz@1stmarinerbank.com or 410-735-2068.

The above programs are subject to change at any time and this does not constitute a guarantee on the part of 1st Mariner Bank as an obligation to offer these programs without the approval of the program administrator. All applicants must be qualified to purchase and participate in these programs per underwriting guidelines of both 1st Mariner and the program administrator.

If you found this article useful, be sure to check out these related articles:

Best Loans for First-Time Homebuyers

The Importance of a Home Inspection

The Imaginary Mortgage: Fake It 'Til You Make It

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1st Mariner is getting into the holiday spirit. With the help of our employees, we give you our rendition of "The Night before Christmas." Bet you've never heard this version before!

 

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