Bridge to HOPE Loan Program: Fact Sheet |
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This statewide program, administered by the Maryland Department of Housing and
Community Development’s Community Development Administration (CDA), provides
Maryland homeowners with short-term relief to maintain homeownership by
preventing residential mortgage foreclosures resulting from borrowers
experiencing financial difficulty caused by either a sub-prime or exotic
mortgage, such as a negative amortization loan or an adjustable rate mortgage
(ARM) loan that has, or is preparing to, reset.
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Overall Eligibility
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Borrowers must be referred by a CDA-approved housing counseling agency
(click here for listing). Borrowers must either be in delinquency or
imminent potential of delinquency with no other viable alternatives available.
For a fraudulent or predatory loan, the borrower may be referred to a
CDA-approved housing counseling agency by the Maryland Department of Labor,
Licensing and Regulation, the Maryland Attorney General’s Office of Consumer
Protection or a similar organization. Initial evaluation of eligibility for
this program will be determined by the housing counseling agency.
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Eligible Occupancy
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One-unit, owner-occupied primary residences only.Borrower is not permitted to
own any other real estate at time of closing
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Eligible Property Types
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Attached or detached residences, condos, modular and double-wide mobile homes
and PUDs
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Current Interest Rate
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0%
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Eligible Loan Term
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This is a deferred loan that is repayable at the time the house is sold,
transferred or upon the refinance of the existing mortgage.
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Maximum CLTV
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110%
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Income Limits
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See below for limits.
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Maximum Appraised Value
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See below for limits. Current appraised value of the home must not exceed the
applicable “Maximum Appraised Value”
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Maximum Loan Amount
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$15,000.Includes:
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delinquent mortgage payments, taxes and other arrearages, (excluding attorneys’
fees);
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a monthly subsidy of the mortgage payment for up to 24 months to cover the
difference between the borrower’s current total debt payment including housing
and monthly debt and a resulting debt ratio of 45% of the borrower's gross
monthly income.
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Maximum total debt-to-income post-intervention
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Not to exceed 45% of gross monthly income
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Processing
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Loans are originated, processed and approved by CDA Single Family Housing or
its designee
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Asset Test
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If borrower’s liquid assets equal or exceed 20% of the current appraised value,
asset test must be completed and borrower must be deemed eligible
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Employment
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Must be stable; subject to Fannie Mae/Freddie Mac guidelines
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Credit Payment History
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Must have had a good mortgage/credit history prior to the reset as evidenced on
their credit report
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Housing Counseling
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The counseling agency must develop an action plan that shows progress toward a
solution that supports the borrower’s ability to maintain ownership of the
property; counseling agency must demonstrate that quarterly reviews, at a
minimum, are being conducted to ensure borrower is adhering to action plan.
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Income and Maximum Appraised Value Limits
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Jurisdiction
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Household Size
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Income Limits
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Maximum Acquisition Costs |
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Non-Targeted
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Targeted
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Non-Targeted
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Targeted
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| Allegany County
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1 or 2
3 or more
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$94,920
$110,740
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$289,705
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| Anne Arundel County
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1 or 2
3 or more
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$89,306
$102,702
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$94,920
$110,740
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$429,620
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$525,091
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| Baltimore City
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1 or 2
3 or more
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$94,920
$110,740
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$525,091
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| Baltimore County
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1 or 2
3 or more
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$89,306
$102,702
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$94,920
$110,740
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$429,620
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$525,091
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| Calvert County
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1 or 2
3 or more
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$94,500
$108,675
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$429,620
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| Caroline County
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1 or 2
3 or more
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$94,920
$110,740
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$289,705
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| Carroll County
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1 or 2
3 or more
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$89,306
$102,702
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$429,620
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| Cecil County
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1 or 2
3 or more
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$79,100
$90,965
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$346,601
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| Charles County
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1 or 2
3 or more
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$94,500
$108,675
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$429,620
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| Dorchester County
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1 or 2
3 or more
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$94,920
$110,740
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$289,705
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| Frederick County
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1 or 2
3 or more
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$94,500
$108,675
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$113,400
$132,300
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$429,620
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$525,091
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| Garrett County
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1 or 2
3 or more
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$94,920
$110,740
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$481,250
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| Harford County
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1 or 2
3 or more
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$89,306
$102,702
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$94,920
$110,740
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$429,620
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$525,091
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| Howard County
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1 or 2
3 or more
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$89,306
$102,702
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$429,620
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| Kent County
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1 or 2
3 or more
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$94,920
$110,740
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$359,798
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| Montgomery County
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1 or 2
3 or more
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$94,500
$108,675
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$429,620
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| Prince George's County
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1 or 2
3 or more
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$94,500
$108,675
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$113,400
$132,300
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$429,620
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$525,091
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| Queen Anne's County
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1 or 2
3 or more
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$89,306
$102,702
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$429,620
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| St. Mary's County
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1 or 2
3 or more
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$79,100
$90,965
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$333,947
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| Somerset County
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1 or 2
3 or more
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$94,920
$110,740
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$325,875
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| Talbot County
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1 or 2
3 or more
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$79,100
$90,965
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$334,125
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| Washington County
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1 or 2
3 or more
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$79,100
$90,965
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$94,920
$110,740
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$326,250
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$398,750
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| Wicomico County
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1 or 2
3 or more
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$79,100
$90,965
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$94,920
$110,740
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$266,625
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$325,875
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| Worcester County
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1 or 2
3 or more
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$79,100
$90,965
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$94,920
$110,740
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$393,749
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$481,249
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| Information subject to change.
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