Most new Maryland buyers ask for the seller(s) for contribution towards the down payment and other upfront closing costs they need to buy their first home. While a good agent can help you negotiate seller concession, also known as seller help or seller contribution toward closing there are other resources available to you. The Maryland Mortgage Program (MMP) is a down payment assistance program offered to first time home buyers looking to purchase in the state of Maryland. While it is not “free money” it is a 0% interest deferred loan. This loan will give you up to $5,000.00 toward your down payment and is paid off only when you sell without interest.
**To be eligible for this program applicants must be:
- First time home buyers, who have never owned (or held title for) a principal residence anywhere in the last three years.
- Purchasing the home to use as their primary residence. Home may NOT be used as an investment property or rental.
- Able to complete a Homebuyer Education course. *This course needs to be finished, your one on one counseling session completed, and you should have your certificate in hand prior to making an offer or gong under contract on a home.
- Making a MAXIMUM income of $108,600.00 (for 1-2 people) or $126,700.00 (for a household of 3).
**Other important factors that apply outside of being approved include:
- Your current debt, employment status, and credit history.
- Loan type:
· FHA loans require a minimum credit score of 660.
· Conventional loans require a minim credit score of 640.
- Your debt-to-income ratio must also meet the loan requirements for your loan type.
**Important details you’ll need to know:
- Your new mortage loan cannot exceed $525,901.00.
- You CAN use this program with other grant incentives.
- Home buyer must use an approved lender.
Programs like this have helped the majority of my first time home buyers afford their new home. If you are interested in learning more about the MMP please contact Meighan Sweeney at Meighan@CrabbyHomes.com
Butchers Hill home buyers who are looking for a 10 year CHAP tax credit renovation have some great options. Many buyers will think that a total renovation is going to be way out of their budget. The truth is that Butchers Hill properties are just as diverse as it’s residences. Below I have 3 available CHAP tax credit homes that offer 3 different layouts at 3 different price points.
315 S Washington St – Butchers Hill – $325,000.00
Full CHAP pending, pre-construction appriasal is 115k
3 levels above ground
1 mastersuite on the 3rd level – complete with roof deck access, a full bath, and a sitting room
2 bedrooms share the 2nd level with a full bath inbetween
On the main level is a bright white kitchen, separate dinning room , large living room
This home has a 2 tier deck and an exterior storage shed in the rear.
411 S Washington St – Butchers Hill – $344,900.00
Full CHAP pending, pre-construction appriasal is 125K
3 finished levels, including a fully finished basement
2 bedrooms on the second level – a master w/ private bath and a 2nd bedroom with use of hallway bath
Main level has an open layout living area, separate dinning room and kitchen with breakfast bar
Basement is fully finished complete with a third bedroom, full bath and laundry area
This home also has a 2 tier deck starting from the 2nd level as well as a patio leading off the main level kitchen
2025 Bank St – Butchers Hill – $439,000.00
Full CHAP pending, pre-construction appriasal is 150K
Top 3 levels had an addition built on to the back
4 finished levels of living space
Top level has 2 bedrooms and a shared full bath
2nd level has master bedroom/full bath aside an additional bedroom with hallway full bath
Laundry is also on the 2nd level
Main level is set up for the entertainer- large living room, gourmet kitcken and separate dinning room with a walk out patio
Basement is fully finished with the 5th bedroom and full bath.
If you’d like to see any of these from Mason Properties of Baltimore, a favorite local builder, please contact Suzie Coronel. If you would like to better understand the CHAP credit, don’t hestitate to call!
Christmas is 4 days away. Most Baltimore City sellers would just wait until after the holidays to list a brand new renovation. Mason Properties wanted this to hit the market as soon as it was completed no matter the date. It’s a Baltimore City CHAP tax credit renovation so there is never a bad time to list these homes. In fact many baltimore city buyers won’t settle for anything without the 10 year CHAP tax credit.
411 S Washington St – Butchers Hill – Listed @ $344,900
3 true bedrooms
3 full baths
kitchen with granite, stainless, and tiled backsplash
wood floors throughout
3 finished levels
2 level roof deck
Located in Butchers Hill, just north of Fells Point, this home offers 3 large bedrooms, 3 full baths, wood floors throughout, and a 2 level roof deck. The kitchen has granite, SS appliances, plenty of cabinet space and a breakfast bar. Full renovation was just completed December 2016. With 1000+ sq ft above ground, the house has the space for different types of households. And with the CHAP tax credit it’s aordable.
If you’d like to tour this home or would like to know more about the CHAP tax credit and Mason Properties, Inc. let me know! Suzie Coronel
Situated perfectly among Fells Point, Canton, and Patterson Park; Butcher’s Hill is one of Baltimore City’s most charming neighborhoods. The streets are filled with a good mix of Hopkins students and medical professionals, young families, and singles alike. Seems most homes have a green thumb since most have lovely flower boxes lining the facades through the seasons. A tight knit community association exists that organize street and alley clean ups, flea markets, and block parties. In my 12+ years of selling in this area, most buyers in Butcher’s Hill don’t sway from this area.
315 S Washington Street, Baltimore, MD 21231 is a prime example of the type of home this area has to offer. A local Baltimore investor, Mason Properties, purchased this dilapidated row home. This well-known investor will not only bring life to this home, he’ll provide a CHAP tax credit property for a future home buyer. This home will have all new electric, plumbing, roof, framing, baths, kitchen, etc.
This blog will take you thru the different renovation phases of 315 S Washington Street. The finished home will have all of the following:
315 S Washington Street
Master suite: complete with private bath w/ double vanity, deck access, and huge walk-in closet
2nd level: 2 additional bedrooms, a shared full bath, linen closet, and laundry room
1st level: Living room, gourmet kitchen with a separate dining room
Roof deck to complete the 2 tiered deck
****Updated October 2016
Framming and systems are going in.
**** Update November 2016
This house is shaping up! The builder used marble tile in both full baths and dark wood floors throughout the entire home. It’s beautifully done. The roof deck is getting built now. Soon the kitchen will be installed. Check out these new photos.
315 S Washington Street
3 bedrooms w/ master suite and sitting room
2 full baths
granite and stainless in the kitchen
I will be updating this blog as the renovation progresses. If’ you’d like to set up a tour, contact Suzie Coronel.
Lutherville has always been a popular neighborhood in Baltimore County. In 1969 this started out as a cookie cutter split foyer. The lifelong owner was a skilled mason. Two huge additions and a ton of brick work later, this home is anything but cookie cutter.
So many buyers in looking for Baltimore County real estate need to plan for growing families. With four bedrooms, a family room, an open living room and a huge kitchen with an island and table space, the original layout offered plenty of space for a growing family. Now the home has a large sun room and deck jetting off the back of the house. Since it’s lined with windows and screens, it’s a perfect room for family crab feasts. Hovering over the 2 car garage is a Great room, complete with a bar area, gas fire place insert and skylights. The master bedroom has an added walk-in closet. The 2nd bedroom has an added office off of it. On the lower level you will find a hot tub room with plenty of space to set up a home gym or spa. The fourth bedroom is down there as well. A traditional family room with a huge bar sits on the other side of the lower level. This room has French doors that lead to a 2 car garage. If you hadn’t noticed the skill of the mason, the second you walk into this garage, you’re sure to notice.
500 Talbott Ave, Lutherville, MD 21093
sun room with deck
2 car attached garage
fenced in yard