Homebuyer Assistance Loan
Unlock the door to your new home with CHAI’s Homebuyer Assistance Loan!
CHAI’s Home Buyer Assistance Loan offers eligible first-time homebuyers up to $10,000 to assist with closing costs and buyers' fees, making homeownership in northwest Baltimore City more affordable and accessible.
Features of the Homebuyer Assistance Loan
• Zero interest and zero payments for the first 5 years: Enjoy an initial period without financial burden.
• Affordable Repayment: After 5 years of no payments, you’ll begin making equal monthly payments for the remainder of the original 10-year term—with zero interest throughout.
• Immediate Assistance: Funds are available at closing to help cover your upfront home-buying expenses.
Eligibility Requirements for the Homebuyer Assistance Loan
• First-Time Homebuyer: Applicants must not have owned a residence in the past three years.
• Homebuyer Counseling: All borrowers must complete a homebuyer education workshop and complete one-on-one pre-purchase counseling.
• Income Limit: Household income, including income from all adults (18+) living in the home, must not exceed 100% of Area Median Income (AMI).
• Residency: Property must be located in the 21215 zip code or the neighborhoods of Cheswolde, Cross Country, Fallstaff, Glen, and Mount Washington.
• Credit Score: Minimum credit score of 640 is required.
**PLEASE NOTE**
• CHAI loans are secondary mortgages secured by the borrower’s home, with a Deed of Trust recorded in the appropriate Land Records jurisdiction.
• Borrowers must maintain a Homeowners Insurance policy covering the property’s current value, listing CHAI as an additional mortgagee.
To Get Started:
1. Contact a licensed lender to initiate the application process.
2. Complete a Homebuyer Workshop and attend a one-on-one counseling session with a HUD-certified housing counselor.
Register for one of our monthly workshops
Or, complete our online workshop through the eHome America portal.
“CHAI helped us purchase our first home in northwest Baltimore City, a 3-bedroom 3-bath split level home and assisted with settlement and renovation expenses. Thank you, CHAI!”
