ajaffe@firsthome.com
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The Community Development Administration (CDA)

The CDA loan program was renamed to Maryland Mortgage Program and was tremendously expanded.  The information in this webpage below is therefore out of date.  Please visit this website for the most up to date information at https://alexjaffe.com/md-down-payment-assistance

The Community Development Administration (CDA) is a loan program that we offer through the Maryland Department of Housing and Community Development.  With CDA financing, you can choose between FHA and conventional financing.  However the conventional financing requirements are more strict. There are two major benefits of this program:

  1. For those who would like assistance with the down payment or closing costs, the program provides for a repayable, zero interest loan of $5,000.  This money may be applied to your cash to close, and must be repaid when you move out or sell.
  2. For those eligible for Conventional CDA financing, with credit scores about 680, you will be eligible for reduced mortgage insurance.  However with the conventional CDA program you must fund your own down payment.  You must put down 3% to purchase a single family property, or 5% to purchase a condominium.

The minimum credit score for CDA FHA is 640.  The minimum credit score for a CDA loan and also to combine it with a $5,000 down payment assistance loan is 660.  The minimum credit score for CDA conventional is 680.  You must not have owned real estate in the prior three years.

There are income limits to the program which are based on household size and household income.  The limits are dependent on the county you are purchasing in.  Sample income limits for the Maryland, DC Metro area are:

The full list of income caps by county are found here:

Watch the video on Maryland first time buyer benefits here.  This video also discusses the HOC loan, and more information on that program may be found here.

Please apply now for this loan program using this link, or you may always reach out to me.  This loan program requires a housing counseling class, and the class requirements vary by county, so please discuss your scenario with me before attending a class.  I teach the class at http://www.hcii.org.  This class is eligible for Montgomery, PG, Howard, Charles, & Calvert counties, among others.