This past weekend, 1st Mariner Bank participated as exhibitors at the Mondawmin Resource Festival "One Baltimore" event which was held at the Mondawmin Mall in Northwest Baltimore City. The event was held from 10:00 a.m. until 3:00 p.m.
In attendance were dignitaries such as Baltimore City Mayor Stephanie Rawlings-Blake, Maryland State Senator Catherine Pugh and United States Congressman Elijah Cummings who all spoke about bringing back unity to the city of Baltimore following the April unrest.
It was a fun filled day by all who attended, both exhibitors and patrons alike. The mall was filled with shoppers who were delighted to see such an event in their community. There was music and food for all who attended. The number of exhibitors exceeded 100 and included groups of community and public services; employment and education services; health and healing services; housing, financial and legal services; and youth and family services.
As people left the mall you could hear them say this was a great day for the city of Baltimore, and this certainly helped to bring everyone together.
On Saturday, March 21st, my colleague, Autumn Wallace, and I attended the 10th annual Money Power Day which was held in Baltimore City at Poly-Western High School. The event was free to all who attended with the purpose of helping people boost their financial well-being and to inspire those of all ages and income levels. The theme of the day was about the importance of financial literacy and how it can change your life.
Approximately 40 exhibitors including financial institutions, non-profit agencies and government organizations provided financial services, information and education that the attendees could use to achieve their financial goals. There was a free tax service preparation for those who had not yet filed their income taxes. Workshops were available to help people learn the steps to buying a home, obtaining a mortgage, starting a business and dealing with student loan and credit card debt.
There was a Credit Café where individuals could obtain a free credit report and receive one-on-one counseling; a Financial Planning Zone for free one-on-one consultation with a certified financial planner; a College Access Zone that provided consultations from college aid specialists and counselors on how youth and adults can obtain higher education; a Small Business Zone that provided tips from entrepreneur experts on how to start a business; and a Youth Zone that provided financially focused activities for a wide range of youths.
We were also joined by local politicians including the U.S. Representative from Maryland’s 7th congressional district, Congressman Elijah Eugene Cummings, newly elected Lieutenant Governor of Maryland, Boyd Rutherford and the honorable Mayor of Baltimore City, Stephanie Rawlings-Blake. In their speech to the audience, all three spoke of credit awareness and how important the day was in helping people understand how to control their future.
It was a fun day had by all, and we were delighted to be there to help the attendees achieve their financial goals. We look forward to the 2016 Money Power Day with great anticipation.
Are you looking to purchase your first home in the District of Columbia, but short on funds that are needed for down payment and closing costs? Here at 1st Mariner Bank, we offer a program that you may qualify for to help with your exact needs. It is called the Home Purchase Assistance Program (HPAP) and helps low and moderate income residents purchase a home in the District of Columbia. Qualified applicants can receive financial assistance for down payment and closing costs to buy a home. It is administered through the Department of Housing and Community Development (DHCD) of DC.
To be eligible for HPAP assistance you must meet the following requirements:
- Be the head of household and a first-time homebuyer.
- Be a low- to moderate-income resident based upon department standards.
- Have not owned real estate in the three years prior to application.
- Occupy the home as your primary residence.
- Be located in the District of Columbia.
The amount of financial assistance for down payment provided to income eligible buyers cannot exceed $40,000. Closing cost assistance is provided separately and is calculated for eligible households to be 4% of the home purchase price, or $4,000, whichever is less. The borrowers must contribute $500 or 50% of liquid assets greater than $3,000. Payment on the loan is deferred for the first five years after which monthly principle-only payments begin at the start of year six and amortize over a 40 year period. The entire balance of the loan is due and payable if the borrower transfers the home, refinances, or no longer occupies as their primary residence.
There is also the Employer Assisted Housing Program (EAHP) that provides assistance to employees of the District of Columbia government employees who are first-time buyers in the district. Eligible DC government employees can receive a down payment match up to $1,500 and a deferred loan up to $10,000.
For more information on these programs or any of our other products at 1st Mariner Bank please feel free to contact Charlie Maykrantz at firstname.lastname@example.org 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:
Federal Home Loan Bank Atlanta (FHLB)
Anne Arundel County Mortgage Assistance Program (MAP)
Howard County Settlement Down Payment Loan Program