| Buying
a Home - Down Payment and Settlement Expense Loan Program
(DSELP) |
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Purpose of Program
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The Downpayment and Settlement Expense Program (DSELP) provides 0%
deferred second mortgage loans to eligible homebuyers to help cover settlement
expenses not covered by the first mortgage loan. A borrower may not have
sufficient assets that would enable him/her to pay the settlement expenses and
any downpayment required for the mortgage, as prescribed by the
insurer/guarantor. The borrower must make a minimum equity capital
contribution, as prescribed by the Program. Refer to the
DSELP Fact Sheet for more information.
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Who is Eligible to Apply?
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To qualify for a DSELP loan, applicants must be using a
CDA Maryland Mortgage Program first mortgage, and meet the guidelines
in the Maryland Lender’s Manual. Income limits and maximum acquisition costs
are the same as those listed on the
CDA Maryland Mortgage Program Fact Sheet for Borrowers.
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Houses the Funds May Be Used For
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To be eligible, a new home must be located in a
Priority Funding Area. Existing homes do not have to be in a Priority
Funding Area.
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How to Apply
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Information on participating lenders and program openings can be
obtained from Single Family Housing. Interested applicants should contact a
participating lender in the county for which they wish to purchase a home.
Participating lenders will provide all necessary information and
application forms.
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Related Links: DSELP
Fact Sheet
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For More Information, Contact:
Single Family Housing
Community Development Administration
Maryland Department of Housing and Community Development
100 Community Place Crownsville, MD 21032-2023
SingleFamilyHousing@dhcd.state.md.us
410-514-7530
Toll Free (Maryland Only): 800-638-7781
Fax: 410-987-4136
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