With the housing crisis being at the forefront of  economic problems in Southern Maryland, an effort is underway to help curb the pain many home owners are feeling as their home values plummet. An array of programs are now emerging offering financial help to home purchasers in the form of downpayment  assistance.  While the details of these programs are not yet available, many home buyers in Southern Maryland may not have to wait.  A program called House Keys 4 Employees is already up and running, and may benefit prospective home buyers who are already employeed with participating employers.

House Keys 4 Employees is a financial assistance program enabling eligible homebuyers who are using a Maryland Mortgage Program loan to purchase their home to receive more down payment and/or closing cost assistance than is available through the standard down payment and closing cost assistance programs.

 

Any borrower who receives a contribution for down payment and/or closing cost assistance from their employer and is using a Maryland Mortgage Program loan to purchase their home may participate in House Keys 4 Employees.

 

 DHCD will match contributions dollar-for-dollar, up to $5,000, toward down payment 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 down payment and closing cost programs, allowing some borrowers to have more choices in buying a home.

There are a large number of employers participating in this program throughout the State of Maryland. Some of the local employers who are participating include, Calvert County Government, Calvert ounty School System, Chaney Enterprises, Charles County Government, Charles County Public Schools, Cavista Medical Center, Prince Georges County Government, Prince Georges County Public Schools, St. Mary's County College of Maryland, St. Mary's County Board of Education, St. Mary's County Fire, Rescue & ALS, St. Mary's County Government, St. Mary's County Library, St. Mary's Hospital, and State of Maryland Government, just to name a few. A complete list of participating employers is available at http://www.mmprogram.com/hk4eParticipating.aspx.

For additional information on this program, please contact our office at 301-870-1717.