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Now Selling!  Ryan Homes at Yorkway!

  

Now Open For Sale!  Ryland's Lakes at Stansbury Shores
 

Homes By DRC:

Enhancing Historic Character, Designing for a Sustainable World

DRC's renovations are high-quality, incorporating the best of the past with modern features every buyer wants and green design that makes our homes more affordable to operate and eco-friendly. 

5 Broadship Rd. - Another Green Renovation by DRC! - SOLD

2 bedrooms, 1.5 baths, 1100sf

island kitchen with granite counters, stainless steel appliances, ceramic tile floor; 4-season sunroom with ceramic tile floor, spacious closet; refinished hardwood floors, restored stucco and slate roof; french doors to bluestone patio with privacy fence; high-efficiency heat and central AC, tankless water heater; 2-car pervious paver parking pad, low-VOC paints, low-e windows.

One of five DRC homes renovated on this block!Homeownership classes required - see info. below.


MORE Photos of 5 Broadship

View Our Portfolio of Renovations



COMING SOON!

40 Broadship Rd. - Affordable, Historic, Green - February, 2010

3 bedrooms, 2 baths, 1200sf - Price TBA

island kitchen, stainless steel appliances
screen front porch
end unit with more light
refinished and replaced hardwood floors, restored stucco
side door to patio, large fenced yard
finished basement room has playroom or office potential
high-efficiency heat and central AC
2-car parking pad, low-VOC paints, low-e windows

House must be sold to a qualified homebuyer - incentives available - must take homeownership classes before making an offer (see info. below)

MORE DETAILS coming soon!    

View Our Portfolio of Renovations       Top
 

Resources for Homebuyers

Baltimore County Homeownership Counseling Agencies
Stop here first for homeownership workshops, required for most State and County homebuyer incentives and reduced-rate loans.  You must complete classes before making an offer on a property to be eligible for most incentive funds.

HARBEL Housing Partnership - 410.444.9152 - (currently providing homeownership counseling to all of the County's east side, including Dundalk.)

Eastside Community Development Corporation - 410.284.9861 - (Qualification for DRC House Renovations only) Located on the Upper Level of Eastpoint Mall, directly above the Food Court. 

Diversified Housing Development, Inc. - 410.496.1214 - (west side)

The Programs Below Are Administered by Baltimore County
Contact the housing counseling agencies above or the County directly at the numbers below for more information

Baltimore County Neighborhood Stabilization Program:

Which properties are eligible?
Must be a vacant and abandoned property due to foreclosure. No exceptions.  Purchase price must be less than the appraised value.  Property must be inspected prior to settlement.  All rehabilitation work must be approved by Baltimore County’s Rehabilitation Inspection Staff.  Sustainable and energy efficient rehabilitation required.  Must be located in one of eight targeted zipcodes:  21117, 21133, 21207, 21220, 21221, 21222, 21234, & 21244

Loan Terms
Assistance may be provided in the form of a deferred or amortized loan.  Payments may be deferred for a minimum of 15 years.  The deferral period is known as the period of Affordability.  Loans are evidenced by a Promissory Note and a Second Mortgage Agreement.  Loan is forgiven after the Period of Affordability is completed provided the intended use remains the same throughout the Period of Affordability.  Refinance, transfer of title, and sale of the property will trigger repayment provisions.

Program Requirements
Household Income must not exceed 120% of AHMI.  Must complete 8 hours of pre-purchase counseling.  Does NOT have to be a first time homebuyer.  Must agree to have a lien recorded on the property.  Must obtain a conventional fixed rate mortgage from a participating lender as determined by Baltimore County from time to time.  Funds can be used for closing costs, downpayment, principal curtailment, repairs, and rehabilitation.

For more information about the County's Neighborhood Stabilization Program contact Marcia Williams, HOME Coordinator, Baltimore County Office of Community Conservation, 410.887.3124
www.baltimorecountymd.gov/agencies/community/housing

Baltimore County Settlement Expense Loan Program

Highlights of the BALTIMORE COUNTY "SELP" PROGRAM
American Dream Downpayment Initiative (ADDI) Settlement Expense Loan Program

This program is an effort to encourage first time homebuyers to consider home ownership in existing residential communities in Baltimore County. Home Buyer’s Workshops and Home Ownership counseling are offered to potential homeowners. Settlement Expense loans up to $10,000 are available to individuals and families who meet the following income limits and eligibility requirements:
Household size
1 person - $43,050
2 people - $49,200
3 people - $55,350
4 people - $61,500
5 people - $66,400
6 people - $71,350
7 people - $76,250
8 people - $81,200

Buyer eligibility requirements for SELP Program
A SELP borrower must:
1. Attend a Homebuyer Education Workshop & 1-on-1 Counseling with a Baltimore County affiliated Housing Counseling Agency PRIOR to signing a real estate contract of sale.
2. Meet Household Income eligibility as shown in table above.
3. Be a First-Time home buyer or meet one of the exceptions.
4. Qualify for a fixed rate mortgage with a Participating Lender.
5. Be able to meet the minimum cash contribution which is 5% of annual household income. (This cash must be from your own funds...not a gift.)
6. Have less than 12% of gross annual household income left in cash assets after settlement expenses are paid.
7. Buyers mortgage payment and total debt payments cannot exceed maximum ratio guidelines of 31% and 43%.
8. Gift contributions may not exceed 3% of the sale price.
9.  SELP loan may be combined with CDA's DSELP closing cost assistance loan and the Federal Home Loan Bank grant as long as SELP retains second lien position.

Property criteria for SELP Program
The property must:
1. Be owner-occupied, occupied by the buyer, or vacant. New construction is excluded.
2. Be a single family detached or semi-detached home, townhouse, or
condominium unit.
3. Be located in Baltimore County’s inner ring of suburban communities.  (Excluded are the new-growth areas of White Marsh and Owings Mills, as well as rural areas.)
4. Have a Home Inspection and meet Federal Housing Quality Standards (HQS) using an approved Home Inspection firm. All noted HQS deficiencies must be corrected and verified prior to final SELP Loan approval.

SELP loan terms
1. SELP Loan Amount: Minimum $1,000, Maximum $10,000.
2. May be used for Closing Costs, Down payment, and Repairs that may be required by the Federal Housing Quality (HQS) Home Inspection.
3. Interest Rate = 0%, Monthly Payments = $0
4. The SELP Loan is deferred for fifteen (15) years. After 15 years, the loan is forgiven unless sale, refinance, transfer of title, borrower no longer occupies the home, or default occurs before the end of the 15 years. See Repayment Schedule for sales prior the 16th year.
5.  Loan principal is repayable upon the  earlier to occur of Sale, refinance, transfer, default on primary loan, or borrower no longer occupies the home.
6. The SELP loan may be combined with CDA's DSELP loan and the Federal Home Loan Bank grant so long as SELP retains second lien position.

Please Note: The Official SELP PROGRAM GUIDELINES & PROCEDURES adopted by the Baltimore County Office of Community Conservation take precedence and clarify the details of the information presented here.

For more information on the SELP Program:
EQUAL HOUSING LENDER
Baltimore County
Office of Community Conservation
Housing Opportunities Program
6401 York Road – Second Floor, Baltimore, MD 21212
410-887-3124; Fax: 410-887-5696

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