Welcome to our Maryland Special Programs page, on this page you will find various special programs offered in Maryland that are accessible to homebuyers. Feel free to peruse through the tabbed options and contact us if you have any questions. All of these programs are fluid and we make no substitutions or guarantees. Our role is to present all the Maryland Special Programs as they are relayed to us so you have the most up to date information. Should you have any questions, don’t hesitate to reach out to us with your questions or attend one of our Monthly Homebuyer Webinars. Each webinar will go over the fundamentals of the Maryland, Virginia and Washington, D.C. real estate market, special financing programs, homebuying process and the benefits of homeownership.
Our Programs
The Maryland Mortgage Program helps homebuyers in Maryland achieve their dream of homeownership through a range of programs that make purchasing and owning a home more affordable.
Home Loan Programs
MMP home loans are available as either Government or Conventional insured loans. Government loans can be guaranteed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the U.S. Department of Agriculture/Rural Housing Service (USDA/RHS). Conventional loans may have higher interest rates but the private mortgage insurance cost could result in a lower overall monthly payment.
MMP has a dual track product line which includes the 1st Time Advantage loan products and the Flex products. We also offer some specialty loans for specific types of borrowers (with student debt, or purchasing in a particular location). Product enhancements may also be available (special assistance grants or mortgage credit certificates).
Your individual situation will determine which loan option fits you best. Talk to one of our state-approved mortgage lenders to learn more.
Maryland SmartBuy 3.0 gives homebuyers an opportunity to purchase any home in Maryland that meets Maryland Mortgage Program guidelines while paying off student debt.
Program Eligibility
To qualify for the Maryland SmartBuy 3.0 program, homebuyers must have existing student debt with a minimum balance of $1,000. Maryland SmartBuy 3.0 financing provides up to 15% of the home purchase price for the borrower to pay off their outstanding student debt with a maximum payoff amount of $50,000.
The full student debt for at least one of the borrowers must be paid off at the time of the home purchase, and homebuyers must meet all eligibility requirements for the Maryland Mortgage program.
Approved SmartBuy Mortgage Lenders
Financing for the Maryland SmartBuy 3.0 program is available only through approved Maryland SmartBuy lenders. These lenders can help you confirm your eligibility and ensure you meet all applicable requirements. We can assist you with finding an approved Marylan SmartBuy lender.
Chenoa Fund™ is a down payment assistance program provided through CBC Mortgage Agency™ (CBCMA), which is one of nine tribally-owned enterprises of the Cedar Band Corporation. CBCMA’s mission is to increase nationwide affordable and sustainable home ownership, with a focus on creditworthy, low- and moderate-income individuals.
Chenoa Fund Provides
- Home buyers 3.5% or 5% down payment assistance
- Post-closing for home buyer assistance
- Fast approval process without review delays
- Minority opportunities with UHOUSI and the Kani Urban Indian Housing initiative
- The ability to become a first-time home buyer and build wealth
- FHA program offerings with a minimum credit score of 600
- Industry-leading customer service that guides home buyers through the home buying process
- 18 months of post purchase counseling for home buyers
- Minority-focused initiatives to help educate under-served communities about building wealth through sustainable home ownership
We love this program because it helps so many buyers that don’t qualify traditionally for a down payment program. This program has a lot of features that allow home buyers the opportunity to get down payment and closing costs money where other programs may not.
Here are the most common situations as to why we would use this program over other down payment programs.
- The buyer needs closing cost assistance
- The buyer wants to purchase a home beyond the typical 45% debt ratio guideline that most down payment programs adhere to – Chenoa follows the automated underwriting approval so the debt ratio can be as high as 56.99%
- The buyer does not have to be a first-time home buyer defined as having not owned a home in 3 years
- The buyer already owns property – Chenoa allows buyers to own and retain their existing property
- The buyer has a co-signor that owns property – Chenoa allows a co-signor to own property whereas other down payment programs do not
- The buyer exceeds the household income limits – Chenoa has NO income limits
- The program does not require tax returns so we would not see any business losses that could hurt their purchasing power
- Credit scores can go as low as 620
- Available in DC, MD and VA
What does Chenoa actually cover? It can cover the ENTIRE 3.50% and 1.50% in closing costs for the buyer in the form of a loan or forgivable grant if the buyer makes their mortgage payments on time for 36 months.
The bottom line is the program is EXTREMELY flexible to help buyers purchase homes. It really is the program that says YES where other programs say no!
A down payment as low as 10% on a U.S. Bank jumbo loan. These loan options include:
- $900,000 at 90% loan-to-value (LTV)
- $900,000 – $1.5 million at 80% (LTV)
- Lender-paid mortgage insurance (LPMI) at 90% LTV up to $1.25 million
Special terms and rates apply. Contact us for more details on this program.
First Time Homebuyer Assistance Program
If you are a first-time home buyer, you could be eligible for up to $25,000 in down payment and closing costs toward purchasing your first home.
As of October 1, 2023 Pathway To Purchase available funds are $816,526.83.
Eligible Properties
Any residential property including:
- Resale
- Foreclosure
- Short Sale
- New Construction
Pathway to Purchase is a 0% interest, deferred payment loan. The loan is forgiven after 10 years!
To get started with the Pathway to Purchase process, please contact us to be matched with one of the approved mortgage lenders to get qualified for a mortgage loan. Once you qualify for a mortgage loan, your lender will send your loan documents to the Pathway to Purchase program for review and consideration.
Loan Terms
Purchaser must pay back the loan in full when the home is sold, transferred, or ceases to be the primary residence of the buyer(s) within the 10-year affordability period.
Purchase Price Limits
$432,000 for resale
$467,000 for new construction
Go to the Pathway to Purchase Program.
Exciting News! FHLB (Federal Home Loan Bank) grants can help you save on your home purchase with up to $12,500 for first-time homebuyers and up to $15,000 for community partners. The funds can be used for reducing principal, as well as assisting in down payments, closing costs, and rehabilitation costs. The Federal Home Loan Bank replenished their funds in MD, DC and VA. They are limited though and will go very fast because the grant is very popular and easy to obtain for buyers.
FHLB created a second version version of their program which is super exciting because it expands the availability of funds to more buyers. The changes under the new program are in bold below and are amazing since they now offer a flat $15,000 to any buyer, higher income limits and no first-time home ownership requirement.
FHLB Original Program
- Must be a first time home buyer defined as having not owned a home in 3 years
- Minimum credit score 620
- Debt to income ratio up to 50%
- Primary residences only, 1 unit
- Income limits are capped at 80% household area median income (AMI)
- Buyer must contribute a $1,000 and these funds can be gifted
- Buyer cannot receive more than $250 back at closing
- Offers $12,500 in funds to buyer who are not Community Partners
- Offers $15,000 for buyers that are Community Partners defined as buyers employed in or retired from any of the following professions: healthcare, law enforcement, education, law enforcement, firefighters, veterans and other first responders
- Community Partner buyers do not need to be a first-time buyer but still must contribute the $1,000 minimum contribution
- Funds are forgivable after 5 years, 20% forgiven each year
FHLB Added Program
- Buyer does not have to be a first time buyer but cannot own a home at the time of closing
- Minimum credit score 620
- Debt to income ratio up to 50%
- Primary residences only, 1 unit
- Income limits are capped at 80.01%-120% household area median income (AMI)
- Buyer must contribute a $1,000 and these funds can be gifted
- Buyer cannot receive more than $250 back at closing
- Offers $15,000 to any buyer, they do not have to be a Community Partner
- Funds are forgivable after 5 years, 20% forgiven each year
First-Time Homebuyers: Grants up to $12,500
- Implemented to help more first-time homebuyers achieve their dreams of homeownership.
- Eligible first-time homebuyers can use these funds to reduce principal or to help cover closing costs, down payments, and/or rehabilitation costs.
Community Partners: Grants up to $15,000
- Designed to support vital members of the community who help others for a living.
- Home purchase assistance provided to current or retired law enforcement officers, educators, health care workers, firefighters, other first responders, and employees of those groups, veterans and active-duty military, or their surviving spouse.
- Both first-time and repeat homebuyers may be eligible.
For full eligibility guidelines and to learn more about how to take advantage of these great grant opportunities, reach out to me and my team today.
The SELP program provides $14,000 to the homebuyer under these terms and conditions: 1) the purchased property must be occupied for at least five years or the monies have to be repaid back to Charles County Department of Community Services Housing Authority upon sale, transfer, refinance, default on loan or discontinuance of borrower occupancy and 2) after the five year period, the $14,000 loan is forgiven provided the loan terms are met.
There is additional assistance through the Charles County SELP program of $6,000 which is a loan at a 5% interest rate accruing for the first year only. The loan is repaid when the home is resold, refinanced or transferred.
Here are the guidelines surrounding the program.
- The buyer must be a U.S. citizen or permanent resident alien.
- The buyer must be a first time home buyer defined as not having a home in the past three years.
- The buyer must have a minimum 620 credit score.
- The debt to income ratio can go up to 56.99% using a FHA loan and 50% using a conventional loan.
- The buyer must be a resident of Charles County for the past 3 years or employed in Charles County with a minimum of 32 hours per week.
- The buyer must complete a minimum of 8 hours of housing counseling from a HUD approved housing counselor before closing.
- Household income limits as follows: 1 person $108,300, 2 people $123,800, 3 people $139,300, 4 people $154,700, 5 people $167,100, 6 people $179,500, 7 people $191,900 and 8 people $204,300.
- The property must be owner occupied.
- Eligible property types are single family detached, semi-detached, townhouse and condominiums.
- New construction is not eligible for this program.
Accessible and affordable home financing options
Owning a home can be a key step toward financial security. That’s why FNB offers resources and guidance to support homebuyers in all the communities we serve — from educational resources on how to get a mortgage to home loans with closing cost grants and no down payment.
Key Features:
- Up to $5,000 in closing cost assistance*
- 100% financing up to $806,500
- No mortgage insurance required
- Credit scores as low as 620 and alternative credit considered
- Gifts or grant money can be used for mortgage closing costs
Key Benefits:
- No down payment means you’ll need less money on hand to buy your home.
- No mortgage insurance results in a lower monthly payment.
- Opportunity to build generational wealth through homeownership.
- Greater flexibility to buy the home that fits your wants and needs.
The American Rescue Plan Act (ARPA) provided $641 million to the City of Baltimore in response to the COVID public health emergency and its negative economic impacts. Mayor Brandon Scott has been appointed to transparently and effectively administer the funding to the City of which some of that money is being used for these grants.
Buy Back The Block
- Buyer does not have to be a first time home buyer
- Buyer does not currently own any real estate
- Minimum credit score 620 with an automated underwriting approval
- Debt to income ratio up to 56.99%
- Total household income is below $132,000 or 120 of the area median income, whichever is greater
- Buyer must complete a homebuyer counseling program PRIOR to writing a contract of sale
- Buyer must contribute a $1,000 of their own funds
- Offers $15,000 in funds to buyers for down payment and closing costs
- Buyer must have lived in their current primary residence within the grant eligible Baltimore City area for at least 12 months prior to entering into a contract of sale
- Buyer has to purchase in the grant eligible Baltimore City area
- The eligible areas are defined by the Department of Housing HUD at https://livebaltimore.com/wp-content/uploads/2025/02/BBB-Expansion-Map-English.pdf
- Buyer must intend to occupy the home as their primary residence
- Fixed-rate mortgages only
- Co-signers, cash sales and owner-financing are not permitted
- Homes that have not yet been constructed are ineligible
- Due to settlement date requirements, short sales, foreclosures and other non-traditional transactions may also be ineligible
- The mortgage amount cannot exceed the current FHA mortgage limit of $731,400
- Settlement must be within 90 days of application approval
- Grant funds may be combined with other programs (to the extent allowed by other programs)
What are $100 down HUD homes?
The HUD $100 down payment program is a special program that allows eligible buyers to purchase HUD-owned properties for only a $100 down payment. These properties are typically foreclosed homes that have been acquired by HUD as a result of defaulted FHA-insured mortgages.
HUD and FHA are two different entities although they are often associated with each other. HUD is a federal agency responsible for developing and implementing housing policies and programs while FHA is a branch of HUD that provides mortgage insurance to qualified borrowers. The HUD $100 down payment program is only available for HUD-owned properties that can be found on this website. HUD Homes for Sale | Search HUD Homes Listings | Bid on HUD Homes
The benefits of purchasing a $100 down HUD home include the low down payment requirement and the opportunity to own a home that may be more affordable than a traditional home purchase. Additionally, HUD homes are often sold at a discounted price allowing buyers to potentially gain equity in their home from the moment of purchase. However, it’s important to note that HUD homes are sold “as-is,” meaning that any repairs or improvements needed will be the responsibility of the buyer.
What are the eligibility requirements?
- The home must be a HUD owned home
- The home buyer must use a HUD registered real estate agent or broker to qualify for this incentive program
- Homebuyer will live in the property for a minimum of 1 year (investors are not qualified for this HUD incentive program)
- Homebuyer should use a FHA loan for the purchase (203b, 203k loans are acceptable)
- Contract of the home sale must confirm a $100 down payment program
- Loan to value (LTV) should show that the home buyer has contributed $100 towards the purchase of the home
- If the home appraised value is less than the sale price, the home buyer will need to add to the purchase price to equate to $100 to meet the required down payment
- Homebuyer cannot have purchased a HUD home in the past 2 years
Program Highlights
- 10,000 Grant
- 3% Down/ 97% Financing
- No PMI
- 30 Year Fixed Rate: 6.49%
- 7 Year AMR Rate: 5.75%
- 680 Minimum Fico score
- Borrower does not have to be a First Time Home Buyer
- High Income Limit of 183,000
- Close in 21 Days
- Additional Down payment assistance up to 20,000 is also now available.
- A 3% loan covering the majority, if not all of the down payment which is forgiven after 5 years once the buyer occupies the property as their primary residence.
- Must be a first time home buyer defined as not having owned a home in the past 3 years
- Must buy in Montgomery County
- Buyers do not have to be a current resident of Montgomery County for the down payment assistance
- Buyers that work in Montgomery County are also eligible for a $10,000 loan for closing costs repaid back over ten years at an interest rate of 5%. The loan amount is calculated at 5% of the sales price
- Minimum credit score of 640
- Debt ratios allowed up to to 50%.
- Income limits of $119,532 for a 1 person household, $170,760 for a two person household and $199,220 for a three person household.
- Offers reduced mortgage insurance rates for conventional loans if buyer is below the 80% median income limits
Grant funding1 is available up to $10,000 toward the purchase of a primary residence with a Community Homeownership Incentive Program2 HomeReady®, or Home Possible® mortgage loan.3
Qualified homebuyers maybe able to purchase a new home in certain metro areas4 with help from our grant program.
Key grant requirements and features:4
Eligible borrowers:
- Homebuyers who live in one of the eligible areas3 and are looking to purchase a primary residence in the area where the product is offered; or
- Homebuyers who want to purchase a primary residence in one of the eligible areas.3
Eligible areas:3
- Certain locations in the Washington-Arlington Alexandria, DC-VA-MD-WV metro areas.
- Certain locations in the Atlanta-Sandy Springs-Roswell, GA metro areas.
- Certain locations in the Richmond, VA metro
- Up to 97% financing available. Grant funds can be used to help cover down payment, if necessary, in addition to closing costs and pre-paid items.
- The grant may be awarded for up to 5% of the home’s sale price or the home’s appraised value, whichever is less. The grant amount will notexceed $10,000.
- Borrowers must contribute a minimum of $500.
- Borrowers are not required to be first-time
- Borrowers may be required to complete a homebuyer education course.5
- Income limits may apply. However, if the home being purchased is in a low or moderate income census tract, there is no maximum income.5
- The grant may not be combined with any other Truist incentives or promotions.
- This is not a Homebuyers do not need to repay the grant.1
1No cash may be paid to the borrower at closing. Only one offer per mortgage application. The loan must close to receive the benefit. The grant is not available to clients/borrowers originating a loan through a Truist-approved correspondent lender. Offer maychange without notice. Grant fundsmay be taxable. Consult a qualified tax advisor to determine personal tax obligations. Grant contributions may be limited by applicable law or lender guidelines. Borrowersmust meet allof the product eligibility requirements of Community HomeownershipIncentiveProgram mortgage loan.
2Singlefamily (1unit),owner occupied completed units,(including planned unit developments, town homes, and warrantablecondominiums) areeligible properties under this program.
3To learn more about eligible locations in the Washington-Arlington-Alexandria, DC-VA-MD-WV;Atlanta-Sandy Springs-Roswell, GA; or Richmond, VA metro areas, talk to your loan officer for more details.
4Talk to your loan officer about the grant eligibility requirements.
5Talk to your loan officer about the requirements and eligible programs.
Truist Bank is an Equal Housing Lender@. ©2025 Truist Financial Corporation. TRUIST,the Truist logo and Truist Purple are servicemarks of Truist Financial Corporation. All rights reserved. Truist Bank, 214 N Tryon St., Charlotte, NC 28202
Grant funding1 is available up to $10,000 toward the purchase of a primary residence with a Community Homeownership Incentive Program,2 HomeReady®, or Home Possible®mortgage loan.3
Qualified homebuyers may be able to purchase a new home in certain metro areas4 with help from our grant program.
Key Grant Requirements:5
- Eligible borrowers:
- Homebuyers who live in one of the eligible areas4 and are looking to purchase a home in any area where the products are offered;2,3 or
- Homebuyers who want to purchase a primary residence in one of the eligible areas.4
- Eligible areas:4
- Certain locations in the Washington-Arlington Alexandria, DC-VA-MD-WV metro areas
- Certain locations in the Atlanta-Sandy Springs Alpharetta, GA metro areas
- The grant may be awarded for up to 5% of the home’s sale price or the home’s appraised value, whichever is less. The grant will notexceed $10,000.
- Borrowers are not required to be first-time homebuyers.
- Homebuyer education may be required.6
- Funds may be used toward the home’s down payment, closing costs, pre-paid items, and/or reserves.7
- The grant may not be combined with any other Truist incentives or promotions.
- This is not a Homebuyers do not need to repay the grant.
- Income restrictions may8 apply.
The information contained herein is intended as informational material for the sole and exclusive use of the conscientiousness which it was distributed and is subject to change without written notice.
1 No cash may be paid to the borrower at closing. Only one offer per mortgage application. The loan must close to receive the benefit. The grant is not available to clients/borrowers originating a loan through a Truist-approved correspondent lender. Offer may change without notice. Grant funds maybe taxable. Consult a qualified tax advisor to determine personal tax obligations. Grant contributions may be limited by applicable law or lender guidelines. Borrowers must meet all of the product eligibility requirements of Community Homeownership Incentive Program,HomeReady•,or HomePossible®mortgage loan.
2 Community Homeownership Incentive Program is available in limited geographic locations. Ask your loan officer for details on market availability or visit truist.com/CHIP. Markets are subject to change without notice at any time.
3 HomeReady®isa registered trademark of FannieMae. Home Possible• is a registered trademark of Freddie Mac. HomeReady” and Home Possible• products are available in 47 states. Markets are subject to change without notice at any time.
4 To learn more about eligible locations in the Washington-Arlington-Alexandria, DC-VA-MD-WV or Atlanta-Sandy Springs-Alpharetta, GA metro areas, talk to your loan officer for more details.
5 Talk to your loan officer about the grant eligibility requirements.
6 Talk to your loan officer about the requirements and eligible programs.
7 Grant funds can be used for reserves with the HomeReady” or HomePossible• mortgage programs only.
An additional $250,000 in down payment assistance funds is now available through our affordable housing programs—designed specifically to support first-time homebuyers and community partners like teachers, healthcare workers, and first responders.
Available Programs Include:
First-Time Homebuyer Program – Up to $17,500 for down payment, closing costs, and principal reduction.
Community Partners Program – Up to $20,000 for eligible professionals serving the community.
Funds are available first-come, first-served.
As a result of seven very successful McHAF programs, the Housing Opportunities Commission (HOC) is pleased that they will again offer the Montgomery County Homeownership Assistance Fund (McHAF) to assist eligible homebuyers purchasing a home in Montgomery County effective today. HOC is releasing $2.0M from the Montgomery County Department of Housing and Community Development to fund this program.
The Montgomery County Homeownership Assistance Fund (McHAF) in combination with HOC’s Mortgage Purchase Program (MPP) will provide substantial down payment and closing cost assistance granting up to 40% of the qualifying income for a maximum of $25,000.
Let’s take a quick example. A buyer wants to write an offer for $500,000 and needs 3% for the down payment or $15,000. The closing costs are approximately $17,000 and the program will help with $25,000. The out of pocket cost to the buyer will be $7,000 ($15k + $17k -$25k) rather than $32,000. And in this market, you might even be able to get seller help so your buyer brings no money to the table!
Montgomery County Homeownership Assistance Fund
- Montgomery Homeownership Program Assistance Funds will be a second lien at zero percent and forgiven after 10 years of occupancy in the home.
- Maximum assistance will be 40% of borrower’s total qualifying income up to a maximum of $25,000 (buyer’s qualifying income has to be around $63,000 for the maximum $25,000 assistance).
- Down payment funds may be used for down payment and/or closing costs.
- Home buying counseling must be completed.
- No minimum contribution by the buyer.
- Reduced mortgage insurance rates for conventional loans.
- Borrowers must meet all agency requirements with a minimum 640 credit score and allowable 50% debt to income ratio with a credit score above 680.
- Must be a first time home buyer defined as having not owned a home in the past three years.
- Buyers that work in Montgomery County are also eligible for a $10,000 loan for closing costs repaid back over ten years at an interest rate of 5%. The loan amount is calculated at 5% of the sales price.
- Income limits of $119,532 for a 1 person household, $170,760 for a two person household and $199,220 for a three person household or more.
- Maximum loan limit of $726,200 and maximum sales price of $806,598.
- Buyer cannot have more than 20% of the sales price in liquid assets. A liquid asset is defined as something that can be readily converted into cash.
First Home has created the First Home 100 and 100+ programs that mimic Chenoa but with FHA market rates.
Here are the most common situations as to why to use this program over other down payment programs.
- The buyer needs down payment and/or closing cost assistance
- The buyer wants to purchase a home beyond the typical 45% debt ratio guideline that most down payment programs adhere to – Chenoa follows the automated underwriting system (AUS) so the debt ratio can be as high as 56.99%
- The buyer does not have to be a first-time home buyer defined as having not owned a home in 3 years
- The buyer already owns property – Chenoa allows buyers to own and retain their existing property
- The buyer has a co-signor that owns property – Chenoa allows a co-signor to own property whereas other down payment programs do not
- The buyer exceeds the household income limits – Chenoa has NO income limits
- The program does not require tax returns if the buyer receives W2 income so we would not see any business losses that could hurt the buyer’s purchasing power
- Credit scores can go as low as 620
- The buyer has a co-signor that will not occupy the property
- Available in DC, MD and VA
What does First Home 100 and 100+ cover? It can cover the ENTIRE 3.50% and 1.50% in closing costs for the buyer in the form of a loan to be paid back on a monthly basis.
The bottom line is the program is EXTREMELY flexible to help buyers purchase homes and now with rates that are competitive. It really is the program that says YES where other programs say no!
What is the Homeowners’ Property Tax Credit Program?
The State of Maryland has developed a program which allows credits against the homeowner’s property tax bill if the property taxes exceed a fixed percentage of the person’s gross income. In other words, it sets a limit on the amount of property taxes any homeowner must pay based upon his or her income.
How Is “Income” Defined?
For purposes of the tax credit program, it is emphasized that applicants must report total income, which means the combined gross income before any deductions are taken. Income information must be reported for the homeowner and spouse and all other occupants of the household unless they are dependents or they are paying rent or room and board. Income from all sources must be reported whether or not the monies received are included as income for Federal and State income tax purposes. Nontaxable retirement benefits such as Social Security and Railroad Retirement must be reported as income for the tax credit program. Generally, eligibility for the tax credit will be based upon all monies received in the applicant’s household in a given year.
What Are The Other Requirements?
Before your eligibility according to income can be considered, you must meet four basic requirements
- You must own or have a legal interest in the property.
- The dwelling on which you are seeking the tax credit must be your principal residence where you live at least six months of the year, including July 1, unless you are a recent home purchaser or unless you are unable to do so because of your health or need of special care.
- Your net worth, not including the value of the property on which you are seeking the credit or any qualified retirement savings or Individual Retirement Accounts, must be less than $200,000.
- Your combined gross household income cannot exceed $60,000.
How Is The Credit Figured?
The tax credit is based upon the amount by which the property taxes exceed a percentage of your income according to the following formula: 0% of the first $8,000 of the combined household income; 4% of the next $4,000 of income; 6.5% of the next $4,000 of income; and 9% of all income above $16,000.
For each additional $1,000 of income above $30,000, you add $90 to $1,680 to find the tax limit. Your combined gross household income cannot exceed $60,000.
Example: If your combined household income is $16,000, you see from the chart that your tax limit is $420. You would be entitled to receive a credit for any taxes above the $420. If your actual property tax bill was $990, you would receive a tax credit in the amount of $570 — this being the difference between the actual tax bill and the tax limit.
What Other Limitations?
- Only the taxes resulting from the first $300,000 of assessed valuation.
- It does not cover any metropolitan or fixed charges for water and sewer services that may appear on the tax bill.
- If an applicant owns a large tract of land, the credit will be limited to the lot or curtilage on which the dwelling stands and will not include the excess acreage.
- If a portion of your dwelling is used for commercial or business purposes, the credit will be based only upon the taxes for that portion of the dwelling occupied by your own household.
How Does One Receive The Credit?
Homeowners who file and qualify by April 15 will receive the credit directly on their tax bill. Persons who file later up until the October1 deadline will receive any credit due in the form of a revised tax bill. Applicants filing after April 15 are advised not to delay payment of the property tax bill until receipt of the credit if they wish to receive the discount for early payment offered in some subdivisions. A refund check will be issued by the local government if the tax bill was paid before the tax credit was granted.
What Happens If One Is Not Eligible?
Whenever homeowners are found not qualified to receive a tax credit, they are informed in writing. The letter gives the reason for denial and what steps to take if further questions remain. The letter also explains how homeowners can appeal the determination of ineligibility to the local Property Tax Assessments Appeals Board.
Baltimore City Employee Homeownership Program
$5,000 or $10,000 for employees of the City and quasi-City agencies who have been employed for at least six months.
Buying Into Baltimore
$5,000 awarded by lottery to buyers who attend a Live Baltimore Trolley Tour and meet other conditions.
First-Time Homebuyers Incentive Program (FTHIP)
Eligible first-time homebuyers with a household income at or below 80% of the area median income are eligible to receive 50% of the required down payment, GAP funding to reduce the loan balance and an interest rate buydown up to 2.5%.
An additional $5,000 bonus is available for first-time homebuyers who (a) purchase the house they have rented and occupied for at least six months, or (b) have a disability or have a household member with a disability. This definition of disability which is based on federal law is used for determining eligibility for this program. Other restrictions may apply to each subsidy.
Live Near Your Work (LNYW)
This partnership with over 100 participating employers encourages homeownership near places of employment. The City matches employer’s contributions between $1,000 and $2,500 for total incentives of $2,000-$5,000+ depending on the employer.
Vacants to Value
$10,000 incentive for properties that were subject to a Vacant Building Notice for at least one year prior to (a) rehabilitation of the property by an investor/developer, or (b) sale of the property to a homebuyer who intends to renovate the property using an acquisition/rehabilitation loan. Certificate of Occupancy must be submitted with the property at the time of application.
*NOTE: All incentives require homeownership counseling and a one-on-one appointment to be completed from a City-approved homeownership counseling agency before writing a contract of sale. It will also require a minimum $1,000 investment from the homebuyer’s own funds towards the purchase of the property. All incentives are provided as five-year forgivable loans except Live Near Your Work which is a grant. All programs are also subject to availablity of funds.
