About Our Grant
Our $5,000 home buyer grants are actually 5 year forgivable loans. That means after 5 years of living in your home, your loan is forgiven! If you choose to move before you 5 years are completed you are required to pay back the loan. You are able to refinance your home as long as it does not pull equity out of the home. Only individuals on the mortgage are allowed on the deed for the purposes of our grant.
Our grant can be used for a down payment or closing costs. You do not need to be a first time home buyer to use our grant.
This year we have 20 grants that can be used anywhere in Dundalk! Take a look at our neighborhood maps to see where Dundalk’s boundaries are–the answer might surprise you!
Home Buyer Grants
Qualify for $5,000 in 5 easy steps!
- Fill out our grant application. Be sure to upload your tax return from last year and two months of current pay stubs.
- Schedule a meeting with Sonya, our housing and financial counselor, to review your income and home buying needs.
- Attend 1 HDTC Main Street event hosted by Dundalk Renaissance–this can be any of our upcoming events (temporarily waived due to COVID 19).
Contact Meghan@DundalkUSA.org for more details.
- Attend 1 Be a Buyer Workshop or Money and Credit Skills Workshop hosted by Dundalk Renaissance.
- Obtain a home buyer certification from a home ownership counseling program.
Grantees must have a savings of 5% of their annual income. All individuals on the deed MUST be on the mortgage to receive our grant. Regretfully, we can not accept individuals or families who are under contract for a home. There is a debt to income ratio that will be discussed with your initial meeting with Sonya Dease. Please contact Sonya with questions (Sonya@DundalkUSA.org | 410.282.0261 ext 107).
Feeling overwhelmed? Download our Home buyer Grant Checklist to make sure you stay on track while you search for your new home!
Next Grant Qualifying Class
Be a Buyer
March 18 at 6pm
As part of our work attracting Dundalk’s next generation of homeowners, our grants are for individuals and families earning between 80%-120% of the average median income for the Baltimore region.
The chart on the right will give you the income range eligible for our Home Buyer Grant.
Area median income (AMI) is the median income for households in the Baltimore region. Households include everyone who will live in your home, including children. Income assessments are made from the borrowers income (eg: a borrower–or borrowers–would need to earn between $70,650 and 103,025). We can not use the income of individuals living in the home who will not be on the deed.
When you send us your income documents, be sure to include all revenue streams from jobs worked in a year. Unfortunately children’s disability social security does not qualify as an income stream nor does a deceased parent’s death benefits.
All individuals on the mortgage must be on the deed and all individuals on the deed must be on the mortgage to receive our grant.
I Don’t Fall Within the AMI
If you do not have the income needed for our grant program, there might be other grant options for you.
Other programs cater to a different income ranges or can help home buyers pay off their student loans. Find the program that works best for you.
We always recommend you start with a housing counselor before searching for homes or enlisting a realtor to help you.
Questions? Email Sonya@DundalkUSA.org or call 410.282.0261 ext 107.
Once you are income qualified you will then need to attend a marketing event, a home buyer education class, 1-on-1 counseling, and obtain home buyer certification. After you complete those requirements and find your home, you will submit a complete copy of your ratified contract.
You are free to choose your own lender. We thank the MD DHCD for funding our home buyer grant program. We do encourage you to research the Maryland Mortgage Program; if you use one of their many loan products, you must use one of the lenders on their list (over 80 of them).