Maryland Mortgage Program: Community Partners Incentive
CPIP grants homebuyers using a Maryland Mortgage Program loan more downpayment and/or closing cost assistance than is available through the standard downpayment and closing cost assistance program.
Here are a few points please take note:
Homebuyers may use additional incentives totalling more than $2500; Maryland will not match funds greater than $2500.
The maximum eligible income for a household of 1 or 2 persons is $115,800.
The maximum eligible income for a household of 3 or more persons is $135,100.
Homebuyer must earn their Homeownership Counseling Certificate from a City-approved counseling agency before writing a sales contract.
The home must be the homebuyer’s primary residence.Mortgage loan cannot exceed $525,901.
Incentive may be used toward downpayment and closing costs.
This is a 0% interest deferred loan (You must repay this loan when you refinance your mortgage, transfer ownership, or sell the home).
Homebuyer may not own any other properties, including investment properties, at time of settlement.This incentive may be used in addition to other incentives.
Homebuyer must use a Community Development Administration (CDA) mortgage loan.
Homebuyer must use an approved lender.