BorrowSmart is a grant program funded currently through September 2023 that can provide either $500-$1,500 in funds, or $8,000-$90,000 in funds, depending on eligibility including income and geographic location of purchase.

The assistance is paired with a 3%+ down conventional loan and is a great way to get help with the down payment or closing costs.

The program cannot generally be paired with other assistance programs.

To be eligible for the program, a home buyer will need their income to be under 80% of the area median for the geographic area in which they are purchasing.  Here is the website to look up:

80% of area median income in the Washington DC metropolitan area is $120,320

In most areas, the amount of assistance is $500-1,500.  But for eligible buyers in Maryland in Baltimore City, Baltimore County, Harford County, Howard County, and Anne Arundel County it’s $90,000 for area median income under 50% or $8,000 for area median income under 80%.

This assistance is temporarily funded and will exhaust with settlements up until September 2023.  It’s only possible for me to reserve the assistance following a signed purchase contract.  Meaning you likely need a contract by mid August for this, AND funds still need to be available.

But, the program will likely be available again in 2024 after it’s funded.

While under contract, participating borrowers will need to complete a home buying education which is done by telephone and internet.  I will make the introduction for this counseling after you are under contract.  There is a $99 fee for counseling.

BorrowSmart has similar eligibility requirements and is based on the Home Possible product.  But it is an enhancement of that product because it’s paired with grant funds.


Questions? Please reach out!

Pre-Qualify Now: 240 – 479 – 7658