At Howard Bank, we’re experts on the different types of homebuyer grants available for local residents. We can refer you to nonprofit agencies that offer financial incentives, particularly for first-time homebuyers. These funds can help make your down payment and mortgage closing costs more affordable.

MARYLAND GRANT PROGRAMS

We finance homes in all 50 states, plus the District of Columbia (D.C.). As a result, we’re very familiar with federal grant programs. We also have additional expertise in grant programs for Maryland, D.C. and surrounding areas, because we’re headquartered in Baltimore.

Popular grant programs to which we can refer you include:

Anne Arundel Community Development Services MAP (Mortgage Assistance Program):  The Mortgage Assistance Program is currently offering a special promotion for a maximum loan amount of $25,000 to be used toward purchase of your home. This special promotion will end on September  30, 2017 or until funds are exhausted. 

Baltimore City Employee Homeownership Incentive:  City employees may qualify for up to $5,000 toward buying a home. Learn more about the Baltimore City Employee Homeownership Incentive.

Baltimore County SELP (Settlement Expense Loan Program):  First-time homebuyers who are income eligible can obtain up to $10,000 to help pay closing costs in the purchase of an existing home within the designated Community Conservation Areas of the County. 

Buying into Baltimore program:  Attend a Buying into Baltimore event and become eligible for a $5,000 homebuying incentive.

Federal affordable housing programs:  We partner with the Federal Home Loan Bank of Atlanta (FHLB) to offer a variety of special financing programs for first-time homebuyers. Active military members and veterans can participate in the program throughout the entire United States. Learn more about Howards FHLB  

Good Neighbor Next Door program:  Teachers, law enforcement officers, firefighters and emergency medical technicians can qualify for up to 50% off the list price of a home when they buy in areas the United States Department of Housing and Urban Development (HUD) is revitalizing. Learn more about Good Neighbor Next Door.

Homeownership assistance programs:  Baltimore’s Community Development Block Grant (CDBG) can provide down-payment and closing-cost help to reduced-income, first-time homebuyers. You also can qualify for up to $10,000 toward your closing costs if you buy a formerly vacant home through the Vacant to Values Booster Program.

Howard County SDLP (Settlement Down Payment Loan program):  Loans are available through Howard County Housing for settlement and down-payment costs. All loans will be deferred, due upon sale of home, refinance, or default. Low interest rates at 2 points below the primary mortgage interest rate. There are 5 different products available at this time based upon income. 

Live Near Your Work program:  Cut your commute time and get a minimum of $2,000 toward your down payment or closing costs when you buy a home close to your workplace. The Live Near Your Work program is a matching program between the City of Baltimore and participating employers. For details, contact your company’s human resources department.

Prince Georges County CPCUP (College Park City University Partnership): The College Par City-University Partnership’s Homeownership Program is an effort to increase the number of University of Maryland and City of College Park employees living in the City. It provides $15,000, in forgivable loans, to full-time, benefits-eligible University and City employees to become homeowners in the City of College Park–ultimately reducing commutes, strengthening neighborhoods, and supporting our local economy. 

Prince Georges County CPNNP (College Park New Neighbor Program):  Provides $5,000 grants to households/individuals to purchase properties within the corporate limits of College Park. Applicants must agree to live in the property as their primary residence for a minimum of 5 years. The program’s intent is to encourage home ownership through the conversion of previously rented single-family homes and to assist certified police officers, city employees, career and volunteer fire fighters and emergency technicians to become homeowners. 

Prince Georges County Pathways to Purchase:  This product is offered to qualified homebuyers that provides home purchase assistance to eligible first time buyers who wish to purchase property in PG County. The loan amount is a 0 % interest deferred payment based on the household income. The loan is forgiven after 10 years.

CONTACT US ABOUT HOMEBUYER GRANTS

Find out whether you qualify for any of the homebuyer grants listed here, or for others. Contact us at 410-750-0020. 

Note:  Third parties not associated with Howard Bank offer the programs mentioned on this page. Therefore, each program is subject to change at any time. This information doesn’t constitute a guarantee on Howard Bank’s part to offer these programs without the approval of the entity administering the grant program. All mortgage applicants must be qualified to purchase and participate in these programs according to the underwriting guidelines of both Howard Bank and the grant program administrators. Grant approvals are made by the third-party entity administering each grant program.