Baltimore County’s New Mortgage Assistance Loan Program (MALP) Up to $35,000

Posted by: Naji Rashid on Friday, February 8th, 2008

The pilot program is an effort to encourage first time homebuyers to consider homeownership in existing residential communities in Baltimore County. The program is administered by nonprofit groups and is available in designated communities. Home Buyer’s Workshops and homeownership counseling are offered to potential homeowners. Mortgage Assistance loans up to $35,000 are available to families whose income is at or below 80% of area median, adjusted for household size.

 Buyer eligibility are;

1. Before signing a real estate contract, completes Homebuyer Education Curriculum: Workshop(s) & Counseling with a Baltimore County affiliated Housing Counseling Agency.

2. Meets Income Eligibility: 80% of area median, adjusted for household size.

3. First time homebuyer (cannot have previously owned a dwelling within the last 3 years). Exceptions an be granted for separation, divorce or death of spouse or prior ownership of documented substandard housing.

4. Qualifies for a fixed rate mortgage with a Participating Lender.

5. Post purchase liquid assets cannot exceed 25% of gross annual household income.

6. Buyer’s proposed post purchase housing and total debt ratios cannot exceed 31% and 43%, respectively, of the gross monthly household income.

7. Gift Contributions may not exceed 3% of the sales price.

8. Has cash equal to 5% of gross household income to contribute to purchase. 

This program started on October 2007, and I have been told by some nonprofit agencies its doing well. please contact me for Participating Lenders, Property Criteria, and MALP Loan Terms.

Topics: First-Time Home Buyers, Grant Programs

9 Responses to “Baltimore County’s New Mortgage Assistance Loan Program (MALP) Up to $35,000”

Gary Servance Says:
April 6th, 2008 at 10:09 AM

Hello I would like to learn more information about the program.I am a first time buyer an I already have an agent.

Naji Rashid Says:
April 8th, 2008 at 6:40 PM

Hello Gary, give Regina Buker (executive Director) for Harbel Housing Partnership a call at 410-444-9152 and she can give you additional information about the MALP program. Harbel Housing Partnership is one of the housing counseling agencies that participate with the program. Good luck!

Tiffany Says:
July 5th, 2008 at 10:27 PM

i would like to know more aobut the program???

Lynn Hopkins Says:
July 7th, 2008 at 8:02 AM

Single parent household of 2 income of $65,000 (two fulltime jobs) credit score 560. Is my income to high for this program. What is 80% percentage of area median for income? I can be reached at 443-739-8608.

Robyn Williams Says:
August 18th, 2008 at 5:44 PM

I would like to learn more about the program, specifically if you can assist individuals with low credit scores. Please contact me at 410-925-7942.

Ash Says:
April 22nd, 2009 at 11:46 AM

I own a home. More then 50% of salary goes towards my mortigage. Do you have any suggestions or better program from state or county. Right now rate i am paying is 5.6 APR.

Naji Rashid Says:
April 23rd, 2009 at 12:42 PM

Hell Ash,
If 50% or more of your salary is going towards your mortgage you should call your mortgage company to see if you can do a stream line refinance to get your mortgage payments reduced. The Baltimore County programs like MALP are for first-time home buyers and can be used for down payment and closing costs assistance. None of those programs can assist an existing homeowner.

Inquiring Mind Says:
August 22nd, 2009 at 9:17 PM

Hello… I would like to know if the MALP program can be used with REO homes?

Naji Rashid Says:
August 24th, 2009 at 4:54 PM

Unfortunately, the MALP program can not be used with a REO property. The MALP program require that the seller agree to do all the repairs that the home inspector finds. REO properties are sold in as-is condition the bank will not do repairs.

 

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