Bridge to HOPE Loan Program |
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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:-
delinquent mortgage
payments, taxes and other arrearages, (excluding attorneys’ fees);
- 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 |
| 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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Toll-free: 1-877-462-7555
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