Tom Orth

Baltimore's Agent
443.310.8810

American Dream Downpayment Initiative

This homebuying incentive provides a forgivable downpayment and closing cost loan to first time homebuyers with family incomes of 80 percent or below the area median income. (First time homebuyers are defined by federal standards as not having owned property for 3 years or more).

American Dream Downpayment Initiative 2008 Income Limits

1 person $43,050

2 person $49,200

3 person $55,350

4 person $61,500

5 person $66,400

6 person $71,350

7 person $76,250

8 person $81,200

What are the benefits? $10,000 is awarded as downpayment and closing assistance. This award is structured as a 5-year loan, forgivable 20 percent per year.

What are the restrictions?

Property must be located in Baltimore City.

Buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence.

Buyer must attend homeownership counseling and obtain a pre-purchase counseling certificate.

The buyer must secure an HQS (Housing Quality Standard) Home Inspection on the property.

The home must be free of any flaking, peeling or chipping paint surfaces. • Closing on the property must occur within 90 days of the contract date.

For more information: Contact: Marva Allette 410-396-1319