Do you dream of owning your own home?

Does poor credit history

or the upfront costs with purchasing a home keep your dream—just a dream?

Let your keys open the door to your own home

HOW DOES THE PROGRAM WORK?

Families who have experienced credit difficulties, or who have never established a credit history will benefit most from this Lease-Purchase program.

Qualified participants (Purchaser) will work through the Key Choices Program to select the home of their choice in Anne Arundel County. The Housing Commission of Anne Arundel County (HCAAC) buys the house and leases it to the Purchaser for a period of up to 36 months. The Purchaser is counseled by HCAAC to ensure that they are ready to purchase the home at end of the lease period. By making timely lease payments and resolving all outstanding credit issues during the lease period, the Purchaser can exercise the purchase option and assume the first and second mortgages from HCAAC.

DOES MY INCOME QUALIFY?

Household Income needed to qualify

$58,250 - $101,938*

There may be certain situations where household incomes that fall below the income range may qualify, such as supplemental financial gifts from other sources (family members, employers, etc.) These will be reviewed on a case-by-case basis

*Income range is based on 80% to 140% of the Current Baltimore Area Median for a four person household. Median income may be adjusted periodically.

WHAT KIND OF HOUSE CAN I BUY?

Your household income will be evaluated to determine the mortgage loan and house price you can afford.

New or existing single-family homes, townhouses & condominiums located within Anne Arundel County and the City of Annapolis will be eligible. Properties must appraise at contract purchase price or above. The maximum purchase price under the lease-purchase program is $417,000 (current Freddie Mac loan limit is adjusted periodically).

Check out MY FLYER about this program, print it out for yourself and/or share it with a friend or someone you think would like to know about this program.

APPLY TODAY!! Download the Application and Fill Out On Your Computer (requires Adobe Reader)

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