Calvert County First-Time Homebuyer Assistance Program
- Downpayment & Closing Cost Assistance
- Calvert County
Summary
The Calvert County First-Time Homebuyer Assistance Program provides down payment and closing cost assistance for qualified first-time homebuyers through the House Keys 4 Employees Program in partnership with the State of Maryland. The program offers up to $15,000 for down payment and closing cost assistance, which is provided based on the county of the property being purchased. To be eligible, applicants must be first-time homebuyers and may need to meet certain income limits. Employers who wish to participate in the program as Employer Partners must complete a Participation Agreement and submit it to the Business Development Manager.
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.
- Employer must be a participating member of the House Keys 4 Employees Program
- The applicant(s) must be first-time homebuyers, meaning they have not owned a home in the past three years.
- he 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.
- The applicant(s) must also have a minimum credit score of 620, have at least $1,000 of their own funds to contribute towards the down payment and/or closing costs, and not have any outstanding collections or judgments.
Contact Information
480 Main Street
Prince Frederick, MD 20678
Phone: 410-535-5010, ext. 300
Email: mail@calverthousing.org