- Downpayment & Closing Cost Assistance
- Calvert County
Summary
The Calvert County government offers a Down Payment Assistance Program for first-time homebuyers through the House Keys 4 Employees Program in partnership with the State of Maryland. Employers interested in participating in the program must complete a Participation Agreement and submit it to the Business Development Manager. The program aims to help homebuyers overcome the obstacle of saving up for a down payment, which is traditionally recommended to be 20% of the purchase price of the home. The program offers down payment and closing cost assistance, which is particularly helpful for many first-time homebuyers who find it challenging to save enough money for the down payment and other costs. It is also possible to qualify for multiple down payment assistance programs, including FHA loans, which can be combined with down payment assistance programs to offset financial requirements for down payment and mortgage insurance premiums.
Eligibility Requirements
- The applicant(s) must have a household income that is at or below 80% of the Area Median Income (AMI) for Calvert County. The income limits vary depending on the number of people in the household and the type of property being purchased.
- The applicant(s) must be first-time homebuyers, meaning they have not owned a home in the past three years.
- The purchase price of the home being bought must not exceed the program's maximum purchase price limit, which is currently set at $327,000.
- The home being purchased must be located in Calvert County, Maryland, and must be the primary residence of the applicant(s).
The applicant(s) must complete a homebuyer education course from an approved counseling agency prior to closing on the home. - The applicant(s) must obtain a 30-year fixed-rate mortgage from an approved lender and meet their credit requirements.
Contact Information
Calvert County Dept. of Community Resources
Phone: 410-535-4370
Email: communityresources@co.cal.md.us