Submitted by ballzdeep499 t3_xtqunj in baltimore
Does anyone know what the income verification process is for this program? I think I am over the limit which is kind of insane because statistically I am definitely not a “high income individual”
Comments
Puzzleheaded-Lab3330 t1_iqrkyob wrote
Just stay away from the admin here . Tyler waldman. He's a shit head and will start a fight with you then ban you.
ballzdeep499 OP t1_iqrm7gb wrote
So you’re saying if my pay stubs have bonuses/incentives they will just consider my actual salary against the income threshold?
Not_Really_Famous t1_iqrpn2v wrote
hmmm I’m not sure - my particular case was more of an annual profit-share but because it had fluctuated, they wouldn’t consider it as part of my salary. I wouldn’t stress too much, just talk to the lender and be open/honest with them. They want your business just as much as you want a loan
NewrytStarcommander t1_iqrrr7c wrote
There are a number of homebuyer incentives available in Baltimore and Maryland not all income-based, and different ones at different income levels- including up to some fairly high levels. I suggest you start at Live Baltimore, they have them all listed. Also choose a lender who can help you work through which ones make sense- in my case it was cheaper to go with a private mortgage with a lower rate, rather than the state program I qualified for where even with the incentive, the higher loan rate offset it. Lots of variables, and working with a trusted lender will help you sort out what's right for you.
terpischore761 t1_iqt32wh wrote
Have you also looked at the Maryland Mortgage program? https://mmp.maryland.gov/Pages/Programs.aspx The income limits are a bit higher in Baltimore due to it being a targeted area.
There's also NACA and Landed which offer downpayment assistance as well.
ballzdeep499 OP t1_iqtdol9 wrote
The mmp seems to be the worst of the programs out there, they give I think 7k for down payment assistance but the loan is a higher interest rate so it ultimately costs more than it helps
SpacePueblo t1_iqtmnzp wrote
Contact NHS Baltimore
gaytee t1_iqtsfrr wrote
Bonuses are income. You can start the process and say you make X per year and are under the limit, but it would likely be a waste of time by the end of the process you’d like be disqualified.
Sea_Yesterday_8888 t1_iqu7anq wrote
They averaged 3 yrs of tax returns for me. Need proof of employment. This was in 2013, but I think I had to make under around 50-55,000 for my incentive program. It’s a little difficult, because you need to make enough to afford the mortgage, but not too much:) There are so many city AND state programs. Talk to Baltimore Housing Authority, they can help you find a program that works for you. Start the process early, it took me around 6 months: applications, credit checks, mandatory home buying class and test, loan approvals, house hunting, making offers, appraisals, inspections, and closing. Worth it to get a home with down payment and closing costs covered. It is daunting, but the program helps you through every step!
earnestlikehemingway t1_iqug51e wrote
For applications submitted on or after May 1, 2022, the base incentive amount is $10,000 for first-time homebuyers with a household income at or below 80% of the area median income. That’s 62k for a household of one.
terpischore761 t1_iqvn6f7 wrote
Ah ok. I thought theirs was 3-4% of the purchase price. But I forgot about the interest rate.
Not_Really_Famous t1_iqri4ho wrote
ya it’s really tough - just went through this as well - the bank/lender will ask for pay stubs going back 2(?) years. Also keep in mind that they won’t count bonuses that are not consistent year over year towards your income. In this economy, even the top end of their program won’t get you much.