American Dream Downpayment Initiative (ADDI) FUNDS AREA NOW AVAILABLE EVEN IN THIS SLOW MARKET! GET STARTED NOW!
The American Dream Downpayment Initiative is a first time home buyer assistance program that encourages home ownership for lower income and minority households in Maryland. If you are a first time home buyer in Baltimore, Harford County or anywhere in Maryland and you are struggling to come up with a downpayment, enough money for closing costs or money to make improvements to your house, the ADDI program maybe a solution.
What are the benefits?
$10,000 downpayment and closing assistance structured as a 5-year loan , forgivable 20 percent per year.
What are the restrictions?
Buyer must contribute at least $1,000 towards purchase of your home in Maryland and must use the property as their primary residence. The buyer must secure an HQS (Housing Quality Standard) Home Inspection on the property. The home must be free of any flaking, peeling, or chipping paint surfaces. Closing on the property must occur within 90 days of the contract date. Loan is forgivable over 5 years.
America Dream Downpayment Initiative 2008 Income Limits:
1 persons $43,0502
2 persons $49,2003
3 persons $55,3504
4 persons $61,5005
5 persons $66,4006
6 persons $71,3507
7 persons $76,2508
8 persons $81,200
CDA Loan Program (Community Development Administration)The CDA loan program has a large variety of loan products that offer first time home buyers below market mortgage interest rates and flexible home loans. The CDA current has six low-interest rate mortgage programs:
Interest Rate Points APR
6.375% 3-point Mortgage 6.771%
6.500% 2-point Mortgage 6.797%
6.625% 1-point Mortgage 6.824%
6.750% 0-point Mortgage 6.851%
7.250% 2% Closing Grant (0 points) 7.155%
7.500% 3% Closing Grant (0 point) 7.305%
The rates are frequently reviewed and subject to change. CLICK HERE and start your loan application now or simply call Robert B. McArtor today! 410-879-0622
equal housing opportunity.
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