ShareThisHighlights of the Baltimore County “NCI”(Neighborhood Conservation Initiative Program) $20,000 Loan for Homebuyers!
On October 5, 2013, Baltimore County is starting a new homebuyer program called the Neighborhood Conservation Initative Program “NCI.” This program is an effort to encourage homebuyers to consider homeownership in existing residential communities that may or once had a high rate of foreclosed properties. The targeted zip codes within the conservation areas of Baltimore County are; 21206, 21207, 21208, 21212, 21220, 21221, 21222, 21224, 21227, 21228, 21229, 21234, 21236, 21237, 21239, 21244, 21093, 21117, 21133, 21136.
Highlights:
1. Must complete homebuyer education curriculum: two workshops & one-on-one counseling with a Baltimore County affiliated Housing Counseling Agency before signing a real estate contract.
2. Qualifies for a fixed rate mortgage with a Participating Lender (contact me for list).
3. Gift contributions may not exceed 3% of the sales price.
4. Buyer’s proposed post purchase housing and total debt ratios cannot exceed 31% and 43% respectively of the gross monthly household income.
5. All properties purchased with NCI funds must have an appraisal.
6. Existing dwelling may be vacant. New construction is excluded.
7. Can be used to purchase single family detached, semi- detached, townhouse, and condominium unit.
8. All properties must meet livability code or meet livability code with minor rehabilitative (per the home inspection). This loan may not be used for any rehab.
9. Has had a satisfactory home inspection and has been certified as meeting the federal Housing Quality Standards (HQS) using an inspection firm from the County’s pre-qualified list.
10. 60 day contracts are required.
11. HUD owned properties are eligible.
12. NCI loan amount $20,000 (of which up to $10,000 is required to be used for down payment or principal curtailment. All $20,000 MUST be used.
13. Buyer’s minium cash contribution is 5% of gross annual household income.
14. Primary loan- loan principal is repayable upon the earlier to occur of sale, transfer, refinance, default on primary loan, or discontinuance of borrower occupancy in the home.
15. If the property is being purchased as leasehold the ground rent must be redeemed using closing cost funds (if redeemable).
These are some of the highlights of the Neighborhood conservation Program “NCI.” The terms and conditions of this program is subject to change. next week I will post the hosehold size and income limits. If you have any questions about this program just contact me.
24 Responses to “Highlights of the Baltimore County “NCI”(Neighborhood Conservation Initiative Program) $20,000 Loan for Homebuyers!”
October 24th, 2013 at 4:50 PM
The homebuyer education curriculum, who do I contact for these classes? Is there a location in Baltimore City? Is Wells Fargo one of
the added lenders?
Thanks
October 24th, 2013 at 5:00 PM
Unfortunately Wells Fargo is not one of the lenders. You can take classes in the City at NHS of Baltimore 410-327-1200.
November 18th, 2013 at 7:29 PM
I was told about this program today. I currently own a home that I am renting with a 3 year lease agreement. I was told that I would still be able to use this program. My income with rental income is below 84,000 cap for 2 in the household. You didn’t mention this on your site, will I be able to take advantage of this program with my situation?
December 10th, 2013 at 5:59 PM
Hello Angie,
you can use the program with a three year rental agreement but the income for a household of 2 is $82,200. I will email you the information.
December 19th, 2013 at 1:44 PM
Hi, When do you pay the 20g loan? Do you pay it as part of your mortgage or pay it when you purchase your new home?
December 19th, 2013 at 2:34 PM
Hello Jamie,
The 20k is paid back when you sell your home or if you refinance your home. If you have any more question please do not hesitate to contact me. I also can be reached by cell phone at 410-977-7176. Thanks
December 21st, 2013 at 7:20 PM
the funds for the program had been suspended, that will be temporary or permanent
December 23rd, 2013 at 1:59 PM
Hello Maria,
Hopefully it is temporary. I will be notified as soon as the funds become available. I should receive an update after the holidays. You can contact me at 410-977-7176 if you have any questions or just want to stay updated. Thanks
January 20th, 2014 at 4:27 AM
which banks accept the NCI program and are the funds availble this time and date.
January 20th, 2014 at 4:35 PM
Hello Lewis,
NCI funds are available.. The participating banks and lenders are; 1st Mariner Bank, The Columbia Bank, SunTrust Mortgage, Inc., Hamilton Bank, PNC Mortgage, Carrollton Mortgage Services a division of Bay Bank. If you would like more information on how to get started please don’t hesitate to contact me. Thanks
January 30th, 2014 at 9:59 AM
My husband and I are looking to buy in the 21222 area, and would be 1st time homeowners. We would like more information on this loan. Thank you.
January 30th, 2014 at 4:30 PM
Hello Erica i just emailed you the information that you requested. If you do not receive it or if you have any questions please don’t hesitate to contact me at 410-977-7176. Thanks
February 7th, 2014 at 4:11 PM
Hi Raji,
How does a lender go about getting on the list to offer this program. We are a Federally Chartered National Bank and work with many purchasers in these areas. We are interested in setting up a relationship to access these programs.
Thanks,
February 8th, 2014 at 10:30 PM
Hello Suzi I will email you information on Monday. Thanks
February 13th, 2014 at 2:46 PM
Hello, I’ve taken the first time homebuyer class with Harbel and am scheduled to take the pre-settlement class in March. I wanted to use this program and wanted to know of the 5% of my gross could I use that for the earnest money, inspections,and appraisal of home and the 20k for closing and down payment if I go FHA?
February 17th, 2014 at 3:07 PM
Hello Anthony,
I have 2 clients that are using the NCI Program right now. Both of them are using the same lender and he will count the earnest money deposit, home inspection and appraisal towards the required 5% needed as long as the source of funds used to pay for those items came from the buyers’ account. If you have additional questions please don’t hesitate to contact me. Thanks
April 12th, 2014 at 7:54 AM
Hello,
I am currently enrolled in the homebuyer education workshop and very interested in this program. Does this loan have restrictions? If I ever needed to rent out the property would the money need to be repaid prior to that? Is this program available through M and T bank?
Thanks!!
April 15th, 2014 at 11:46 AM
Hello Lauren,
yes the NCI program has restrictions. A couple of the nonprofits that had NCI funds are out of funds. I think NHS of Baltimore still have funds but you should check with them. When you accept NCI funds you agree to occupy the property. For more details give me a call at 410-977-7176. The next set of funds for Baltimore County will be SELP and MALP.
May 6th, 2014 at 10:52 PM
Hi,
I was wondering if the NCI program was out of funds and if a participating lender was First Home Mortgage. Thanks a lot!
May 8th, 2014 at 11:38 AM
Hello Jinaya,
The NCI Program is out of funds. Currently First Home Mortgage do not participate in the NCI Program. Give me a call at 410-977-7176 and I can review the different lenders that participate in the Baltimore County Programs. Thanks
May 30th, 2014 at 9:25 AM
Hi, Can you email me more information on the process of how everything works from beginning to end as far as getting a realtor as well.
Thanks
May 30th, 2014 at 7:03 PM
Hello Kwanita,
I am emailing you some information that will help you in the home buying process. If you don’t receive it please contact me at 410-977-7176. I will be sending it in the next 15 minutes. Thanks
June 25th, 2014 at 5:04 PM
Do you know when funds will be available?
June 27th, 2014 at 5:43 PM
Unfortunately most of the NCI funds are gone. NHS of Baltimore might have one or two left. Right now most people are using SELP funds along with DSELP or FHLB funds. Please contact me at 410-977-7176 for more information and how to get started. Thanks
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