Calvert County, Maryland · NMLS #2656628

House Keys for Employees. Up to $15,000 Toward Your First Home.

The House Keys for Employees Program offers valuable financial assistance to eligible participants looking to purchase their first home, with up to $15,000 in down payment or closing cost help. It is a genuinely useful program, and like every program, it has details and potential drawbacks you should understand before proceeding. Ken lives in Calvert County and will walk you through the math honestly.

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Up to $15,000 in assistance Calvert County resident Straight answers on the fine print

Ken Powell

Mortgage Loan Officer · Fairway Home Mortgage

NMLS #2656628 · Equal Housing Lender

The Full Picture

Key Benefits, and the Fine Print That Matters.

Ken believes in being a knowledgeable resource, not a salesperson. Here is what the program gives you and what it asks in return, so you can do the math before you commit.

✅ Key Benefits

Down payment assistance: participants can receive up to $15,000 in down payment or closing cost help.
Grant from your employer: a portion of this, $5,000, comes as a grant which does not need to be repaid. It is considered taxable income, so you will receive a 1099 form at the end of the year.
DHCD match: up to $5,000 from the Department of Housing and Community Development as a 0% interest deferred loan, with no monthly payment.

⚠️ Important Considerations

Deferred loan: the DHCD match of up to $5,000 is a 0% deferred loan that must be repaid when you sell, refinance, or transfer ownership of the home.
Second lien: the deferred loan is placed as a second lien on the home, meaning you cannot take out home equity loans for repairs or renovations without first addressing this lien.
Interest rates: House Keys participants may pay a slightly higher interest rate on their mortgage, which could cost more over the life of the loan. This is the tradeoff Ken will model for you with real numbers.

Steps to Participate

How to Use House Keys the Right Way.

Work With a Certified Lender

To participate, you must work with a Maryland Mortgage Program certified lender. You can view the certified lenders on the MMP lender list.

Review the Process

Make sure to review the participant checklist to understand the steps involved, and the county's House Keys tutorial for full details.

Do the Math

Carefully consider the financing options and the potential long-term cost of a slightly higher interest rate. Sometimes the assistance is clearly worth it, and sometimes a different structure wins. Ken runs both scenarios side by side.

✓

Confirm Eligibility

If you are considering applying, or have further questions about eligibility, contact the Calvert County Recruitment and Retention Specialist, Jennifer Davis, for confirmation. Then bring your questions to Ken and he will handle the lending side.

Frequently Asked Questions

House Keys Questions, Answered.

Is the $5,000 employer grant really free money?+

It does not need to be repaid, but it is considered taxable income and you will receive a 1099 at the end of the year. Plan for the tax impact when you budget.

When do I repay the DHCD deferred loan?+

The 0% deferred loan of up to $5,000 must be repaid when you sell, refinance, or transfer ownership of the home. There is no monthly payment in the meantime.

Does the second lien limit what I can do later?+

It can. Because the deferred loan sits as a second lien on the home, you cannot take out home equity loans for repairs or renovations without first addressing that lien. If you expect to tap equity soon after buying, factor this in.

Will my mortgage rate be higher through the program?+

Possibly. House Keys participants may pay a slightly higher rate than they would on a standard loan, which can cost more over the life of the loan. Whether the upfront assistance outweighs that depends on your loan size, how long you plan to stay, and your alternatives. Ken puts the scenarios side by side so the answer is clear.

Can Ken write House Keys loans?+

The program requires a Maryland Mortgage Program certified lender. Talk to Ken first. He will confirm the current lender requirements, help you verify eligibility with the county, and make sure the overall financing strategy fits your goals whether House Keys ends up in the mix or not.