First Time Buyers in Maryland can get a grant up to $7,500 from The Federal Home Loan Bank in Atlanta for the purchase of a primary residence. Certain conditions must be met:
- Applicants must complete home ownership counseling.
- Sellers can help with closing costs.
- The underlying mortgage will be a FHA or USDA loan.
- Buyer must bring $500 or 20% of the grant amount, whichever is greater.
- Buyer must agree to remain in residence for 5 years or partial recapture of the grant will apply.
- Family income cannot exceed 80% of the areas median income. ($82,200 in Baltimore County).
Only a limited number of lenders are offering the program and funds are limited. Call Bob McGee at Advance Realty Timonium at 410-560-4574 for info on qualifying income in other counties and the name of a participating lender or email me at email@example.com.