CHAI's Homebuyer Incentive Grant
A $5,000 forgivable loan for first-time homebuyers in 21215
Opening the Door to Homeownership in Northwest Baltimore!
CHAI's Homebuyer Incentive Grant is a forgivable loan that offers eligible first-time homebuyers up to $5,000 toward down payment and closing costs—helping more families call northwest Baltimore City home.
Features of the CHAI's Homebuyer Incentive Grant
• Forgivable: After 5 years in the home as your primary residence, the loan is forgiven.
• Immediate Assistance: Funds are available at closing to help cover your upfront home-buying expenses.
• Eligible Neighborhoods: Available to homebuyers in the 21215 zip code.
• No Additional Monthly Payments: Enjoy homeownership without additional monthly loan payments.
• Zero Interest: This loan carries no interest charges—ever.
• Combine with Other Incentives: Stack this loan with other city, state, or employer homebuyer programs.
Eligibility Requirements of CHAI's Homebuyer Incentive Grant
• First-Time Homebuyer: You must not have owned a home in the past three years.
• Homebuyer Education: Completion of a certified homebuyer education workshop and one-on-one pre-purchase counseling is required.
• Income Limit: Total household income (including all adults 18+) must not exceed 80% of the Area Median Income (AMI).
• Home Value Cap: The home’s purchase price must not exceed $483,900.
• Credit Score: A minimum credit score of 640 is required.
• Approved Lender: You must work with a lender approved by the Maryland Mortgage Program (MMP).
To Get Started:
1. Contact an MMP-approved lender to initiate the application process. Your lender can find information about this loan on CHAI’s website.
2. Complete a Homebuyer Workshop and attend a one-on-one counseling session with a HUD-certified housing counselor.
Register for one of CHAI’s monthly workshops
Or, complete our online workshop through the eHome America portal.
