Empowering First Time Homebuyers in Garrett County: Introducing the CDBG Forgivable Loan Program

Are you dreaming of owning your first home in Garrett County? At Garrett Workforce Housing Alliance, we're excited to learn about the Community Development Block Grant (CDBG) First Time Homebuyers Forgivable Loan Program, designed to make homeownership more attainable for families and individuals in our community. The program will be facilitated through the Garrett County Community Action Committee.

Who Qualifies as a First Time Home Buyer?

The program defines a First Time Home Buyer as an individual or group who, along with their spouse if applicable, has not owned a home in the three years preceding the purchase. Exceptions include displaced homemakers and single parents meeting specific criteria.

Eligibility Criteria:

To qualify for assistance, applicants must meet the following criteria:

• Income falls below 80% of the Area Median Income (AMI)

• Purchase property located in Garrett County, MD

• Attend two First Time Home Buyer Workshops or equivalent HUD-certified sessions

• Commit to full-time occupancy of the residence

Types of Assistance Offered:

Qualified applicants can receive up to 20% of the purchase price towards down payment and/or closing costs, with no interest charged on the loan. Additionally, a nominal administrative fee is collected by GCCAC, ensuring smooth processing of your application.

Application Process:

Navigating the path to homeownership is made easier through the streamlined application process, which includes:

• Completing the First Time Home Buyer Certificate of Completion

• Gathering and verifying eligibility documents

• Submitting a comprehensive loan application

• Undertaking essential assessments such as appraisal and Housing Quality Standards (HQS) inspection

Additional Support:

The goal is to help as many families as possible, ensuring that each client can reach the closing table with zero money in hand. By stacking grants, they aim to cover a portion of closing costs, helping to alleviate financial burdens associated with homeownership.

Get in Touch:

For more information or to begin your journey towards homeownership, please contact Kelly Bernard at 301-334-9431 ext 6012 or via email at kbernard@garrettcac.org.

At Garrett Workforce Housing Alliance, we're dedicated to making the dream of owning a home a reality for residents of Garrett County. Join us in building stronger, more vibrant communities through sustainable homeownership opportunities.