Baltimore City Homeownership Incentives Program

How it works

Baltimore City’s official update says the First-Time Homebuyer Incentive Program was enhanced to give more financial support to buyers. The program can help reduce the mortgage balance, buy down the interest rate, and cover part of the down payment.

What the money covers

The city says the program offers:

• GAP funding based on the difference between 30% of annual household income and the annual mortgage payment (principal, interest, taxes, and insurance)
• interest-rate buy-down assistance of up to 2.5%
• 50% of the down payment

Amounts and matching

The official update says:

• base incentive: $10,000 for first-time homebuyers with household income at or below 80% of Area Median Income
• additional $5,000 bonus for buyers who purchase the house they have rented and occupied for at least six months, or who have a disability or a household member with a disability
• additional $10,000 bonus for properties in one of Baltimore City’s Impact Investment Areas
• funds cannot be used to pay realtor fees
• buyers cannot receive cash at the settlement table
• funds are first come, first served
• funds are available until exhausted

How to apply

The city directs applicants to its homeownership incentives website and online calculator.

Timing and deadlines

The update says the new incentives are available until funding has been exhausted.