Get Assistance: House Keys 4 Employees
Q. What is the House Keys 4 Employees Program?
A. House Keys 4 Employees enables eligible homebuyers who are
using a Maryland Mortgage Program loan to purchase their home to receive more
downpayment and/or closing cost assistance than is available through the
standard downpayment and closing cost assistance programs.
Q. Who qualifies for House Keys 4 Employees?
A. Any borrower who receives a contribution for downpayment
and/or closing cost assistance from an employer and is using a Maryland
Mortgage Program loan to purchase their home may participate in House Keys 4
Employees.
Q. How does it work?
A. DHCD will match contributions dollar-for-dollar, up to
$5,000, toward downpayment and closing costs from participating employers. The
employer’s contribution may also be combined with assistance from local
jurisdictions, unions and/or nonprofit agencies; however, the House Keys 4
Employees match to the combined contributions will not exceed $5,000. The match
is in the form of a 0% deferred loan that is repayable at the time of payoff or
refinance, or upon the sale or transfer of the house. This assistance is over
and above what is available through the standard
downpayment
and closing cost assistance programs, allowing some borrowers to have
more choices in buying a home.
Q. What is the standard downpayment and closing cost
assistance programs offered by DHCD?
A.
DSELP A deferred loan up to $3,500 at 0%
Q. Who is eligible for DSELP?
A. Individuals or families who are approved to purchase a home using a
loan through the Maryland Mortgage Program can apply for assistance.
Q.
How does House Keys 4 Employees help when I
am purchasing a home?
A. Borrowers can receive up to an additional $5,000 from
House Keys 4 Employees (based on dollar-for-dollar matching contributions) to
add to the assistance available under the standard downpayment and closing cost
assistance options.
DSELP Program
Example: Employer contribution = $5,000
| DSELP loan |
$3,500 |
|
| Employer contribution |
5,000 |
|
| House Keys 4 Employees dollar-for-dollar match
|
5,000 |
(up to $5,000 max) |
| Total closing cost assistance |
$13,500 |
|
Q.
My local government offers a program
that makes assistance available if I move within a certain distance of my place
of employment. Can I use House Keys 4 Employees in conjunction with the local
government's program?
A. Yes. The local government’s assistance can be
combined with the employer’s contribution; however, the amount of the
dollar-for-dollar match provided through House Keys 4 Employees will not exceed
$5,000.
Q.
What is Smart Keys 4 Employees?
Smart Keys 4 Employees is a new Smart Growth enhancement to the House Keys 4
Employees (HK4E) Program that allows borrowers to receive additional matching
funds from DHCD if:
-
The property the borrower is purchasing is located in a Priority Funding Area;
and,
-
The property is within 10 miles of the borrower’s place of employment or within
the boundaries of the local jurisdiction (county).
Q.
How much additional assistance is provided with
Smart Keys 4 Employees?
DHCD will double the amount (up to $10,000) of the normal HK4E match for
borrowers that meet the criteria for Smart Keys 4 Employees.
Example: Employer contribution =
$5,000; using DSELP Program
DSELP Loan
|
$3,500 |
| Employer contribution |
5,000 |
| House Keys 4 Employees |
5,000 (up to $5,000 Max)
|
| Smart Keys 4 Employees dollar-for-dollar match
|
5,000 |
| Total closing cost assistance |
$18,500 |
Q.
What is a “Priority Funding Area”?
Priority Funding Areas are existing communities and places where local
governments want State investment to support future growth. The following areas
qualify as Priority Funding Areas:
-
every municipality, as they existed in 1997;
-
areas inside the Washington Beltway and the Baltimore Beltway; and,
-
areas already designated as enterprise zones, neighborhood revitalization
areas, heritage areas and existing industrial land.
Consult with your CDA lender for additional information on Priority Funding
Areas.
Q.
Who are the participating employer partners?
A. The Maryland Department of Housing And Community
Development maintains
a list of employers who
are concerned about affordable housing and have agreed to participate in the
program.
A. Ask your Human Resources Department if your
employer participates in House Keys 4 Employees and how much assistance is
available to you.
Q.
What do I do after I find out
what is available through my employer?
A.
-
Complete employee section of the
Verification of Partner Contribution
form and give it to your employer to complete the appropriate section. Your
employer may be able to help you determine if additional contributions are
available from local jurisdictions, unions, and/or nonprofit organizations.
-
Select a participating CDA lender
in your area and make an appointment to pre-qualify for a CDA mortgage loan.
-
Provide the lender with the original of the fully completed and executed
Verification of Partner Contribution form.
-
Talk to your lender about homebuyer education before signing a contract of
sale. Please note that in the City of Baltimore and Anne Arundel, Baltimore,
and Harford counties, you must meet certain homebuyer education/housing
counseling requirements. Refer to the Counseling information
on our website.
Q.
Where can I get additional
information?