Buying Into Baltimore is a $5,000 incentive to use toward buying a home anywhere in Baltimore City. You must attend a Trolley Tour event to become eligible for the $5,000 incentive. Every year, there are two events: a spring/summer event and a fall/winter event. That's two opportunities to get $5,000 toward buying your home! See when the next Buying Into Baltimore Event is in the Upcoming Events section of the Live Baltimore website.
DETAILS:
The mortgage amount cannot exceed $517,000
30 Individuals will be selected by lottery to receive awards, following each event, from a pool of eligible applicants
Incentive applicants have 10 business days after attending the Trolley Tour event to make an offer on a home, have the offer accepted, obtain a contract of sale on a home and submit paperwork to become eligible for the lottery drawing.
Incentive winners must close on their purchase within 60 days of being selected in the lottery drawing (closing date < event date + 10 business days (lottery drawing) + 60 days)
Contracts signed prior to the event will not be eligible for the Buying into Baltimore incentive.
Co-signers, cash sales, or owner financing not permitted.
Short sale, foreclosure transactions and new constructions do not qualify
Homebuyer must earn their Homeownership Counseling Certificate from a City-approved counseling agency before writing a sales contract
The home must be the homebuyers primary residence
Homebuyer must invest a minimum of $1000 from personal resources.
Incentive may be used toward downpayment and closing cost
Incentive is a five-year forgivable loan (Your balance is forgiven by 20% each year, at the end of five years you no longer have a balance).
The home may have up to 4 zoned residential units
This incentive may be used in addition to other incentives.
Incentive appears as a second lien on property until the balance is forgiven or repaid.
For more information Contact
Baltimore City Housing
410.396.3124