Baltimore County’s New Mortgage Assistance Loan Program (MALP) Up to $35,000
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,Â adjusted for household size.
Â 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.Â
This program started on October 2007, and I have been toldÂ by some nonprofit agencies its doing well.Â please contact me for Participating Lenders, Property Criteria, and MALP Loan Terms.