Down Payment
and Settlement Expense Loan Program Fact Sheet |
| |
| Eligible Lenders: |
Lenders approved as participating lenders to originate CDA loans; refer to
Participating Lender List |
| Eligible Jurisdictions: |
Available statewide
Existing homes do not have to be in
Priority Funding Areas.
New homes do have to be in Priority Funding Areas1.
|
| Eligible Borrowers: |
Must be a first-time home buyer unless buying in a targeted area. |
| Maximum Loan Amount: |
$5,000
|
| Interest Rate: |
0%
|
| Term: |
Repayment of DSELP is deferred and is due upon the earlier of
maturity or prepayment of the first mortgage, or sale or transfer of the
property.
|
| Borrower's Minimum Equity Capital
Contribution: |
None, unless required by mortgage insurer/guarantor
|
| Home Buyer Education |
Mandatory for all borrowers. Refer to the requirements.
|
| Lien Position: |
DSELP is recorded in a second lien position, unless otherwise
approved by the Single Family Housing.
|
| Income Limits: |
Refer to table. |
| Eligible 1st Mortgages: |
Loans originated under the CDA Maryland Mortgage Program.
|
| Complete Program Details: |
Loans originated under the CDA Refer to DSELP/Partner Match Manual
|
|
| 1A Priority Funding Area (PFA) is an
older community or locally-designated growth area where State and local
governments already have a significant financial investment in the existing
infrastructure and want to target their efforts to conserve natural resources
and farmland while encouraging and supporting sensible economic and residential
growth. Municipalities, Baltimore City and areas inside the Baltimore and
Washington beltways are PFA's. To find Priority Funding Areas, please visit Department of Planning Website. |
|
|
| For More Information, Contact: |
Single Family Housing at (410) 514-7530 or
1-800-638-7781 or by e-mail at
SingleFamilyHousing@dhcd.state.md.us
|
| Revised 10/20/10 |