If there is a time to consider Baltimore a place to call home, this is the time with the many attractive incentive home buyer programs the area is offering to draw potential consumers.
“If there is a time to buy a home in Baltimore, this is it. It is not just the bargains of the prices in the area. It is the numerous incentive programs for potential homebuyers Baltimore City has to offer,” said Steve Tavenner, Pillar Property Group.
These programs are attractive for various reasons and have specific qualifications, managed by different city departments or nonprofits. “These programs are attractive to young couples as well as potential property investors,” said Tavenner.
Some of the programs include the following and we encourage you to visit Live Baltimore for more details about these programs:
Home Purchase Loan Program
Potential buyers should check these programs out in conjunction with traditional conventional and government-backed loans.
• Good Neighbor Next Door (Teacher Next Door / Officer Next Door) Program
• Healthy Neighborhoods, Inc.
• Homeownership for Individuals with Disabilities Program
• Housing Choice Voucher Homeownership Program
• Neighborhood Housing Services of Baltimore, Inc.
• State of Maryland Mortgage Program (CDA)
Down payment & Closing Costs
These are programs that offer assistance with down payments and closing costs. Each program varies.
• Buying into Baltimore
• Down payment and Settlement Expense Loan Program (DSELP)
• MMP 2% / MMP 3%
• Down payment assistance through Precision Funding by calling (717) 779-1530.
Employer-Based Assistance Programs
If your employer participates in one of these state or city programs, you may be eligible for a down payment/closing cost grant or loan. And don't forget that if you are a firefighter, EMT, Teacher, or Police Officer, you may be eligible for the federal government's "Good Neighbor Next Door" purchase program.
• Baltimore City BRAC Homeownership Incentive
• Baltimore City Employee Homeownership Program
• Good Neighbor Next Door (Teacher Next Door / Officer Next Door) Program (see description under Home Purchase Loan Programs)
• House Keys 4 Employees
• Smart Keys 4 Employees
• Live Near Your Work
Renovation / Rehabilitation Loan Products
Now that you're in your dream house, there may be a few things that need fixing. Review these special loan programs for everything from emergency roof repair to lead abatement.
• Baltimore City Lead Abatement Action Program (LAAP)
• City Housing Assistance Program (CHAP)
• Deferred Loan Program
• Healthy Neighborhoods, Inc. Home Renovation Loan
• Healthy Neighborhoods, Inc. Refinance and Renovate Loan
• HUD 203K Rehabilitation Loan Program
• Lead Elimination Action Program (LEAP)
• Maryland Housing Rehabilitation Program
• Maryland Lead Hazard Reduction Grant Program
• SCOPE / Project 5000
• Senior Roof Repair Program
Homeowner Tax Incentives
These programs can help ease the burden of property taxes for eligible homeowners.
• Federal Homebuyer Tax Credit (American Recovery and Reinvestment Act of 2009)
• Newly Constructed Dwelling Tax Credit
• Home Improvement Property Tax Credit
• Homeowner's Tax Credit
• Renter's Tax Credit
• Homestead Property Tax Credit
“I have been in the business for over 10 years, and there are more incentives for the buyers than when I first started. This is the time for people to take advantage of these programs while they are still in place,” said Tavenner.
