ShareThisCommunity Development Block Grant Program (CDBG) $5,000 for Closing Costs and Down Payment Assistance
Baltimore City’s Community Development Block Grant Program started this month. The program provides funding that can be used as closing cost and downpayment assistance. Only first-time home buyers with family incomes of 80 percent or below the area median income qualify for the program.
Community Development Block Grant Program 2009 Income Limits are:
1 person $44,800
2 person $51,200
3 person $ 57,600
4 person $64,000
5 person $69,100
6 person $74,250
7 person $79,350
8 person $84,500
What are the benefits?
$5,000 down payment and closing assistance structured as a 5-year loan forgivable 20 percent per year. Buyer must contribute at least $1,000 towards purchase and must use the property as the principal residence. The home must be inspected by a member of the National Association of Home Inspectors or the American Society of Home Inspectors. The home must be free of any flaking, peeling or chipping paint insider and outside, and the home inspector must document no unstable paint surfaces. Closing on the property must occur within 90 days of the contract date. Loan is forgivable over 5 years.
This program is similar to the Baltimore City ADDI Program that started is October 2008 but ran out of funds by January 2009. The ADDI Program was assisting with $10,000 towards closing costs and down payment. Hopefully this program will last longer. Contact me for updates and availability of the funds.
One Response to “Community Development Block Grant Program (CDBG) $5,000 for Closing Costs and Down Payment Assistance”
April 21st, 2010 at 5:25 PM
I would greatly appreciate you calling me at 443-992-2232 so that I can find out more information about this grant. It would be a great help to me if I were able to use this grant for my home buying closing. I want to know how to start the paperwork process so that I can take advantage of this grant as soon as possible.
Thank you in advance for your help.
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