Baltimore’s New Grand Slam Down Payment Assistance Program

On August 12, 2015, the City of Baltimore and State of Maryland announced a joint effort to make home buying easier in Baltimore. The city and state combined put up $3 million to fund financial incentives including Down Payment Grants, Tax Credits, Lower Mortgage Interest Rates and Lower Loan Administrative Fees.


The incentives are substantial. If you’re a first time home buyer, these incentives eliminate most of the cash obstacles to buying a row home or condo in the city. There’s 4 incentives, a true Grand Slam:

  • The state pays up to $5,000 toward Down Payment & Baltimore pays up to $2,500 additional for a total of $7,500 in Down Payment Grants;
  • A Federal Tax Credit is given through the Maryland HomeCredit program;
  • An extra 0.25% is discounted off of mortgage interest rates through the Maryland Mortgage Program (MMP);
  • The state waives its usual $450  required administrative fee for MMP;

The program is very similar to the wildly successful Prince Georges County Triple Play and Double Play Programs, which made available multiple incentives in the County during 2015. Over $5 million in funding was spent to finance First Time Home Buyer incentives in Prince Georges County over a 6 month period.