Specializing in HUD, VA & Foreclosures

"We Really Do Care"

Allen Realty, Inc.

8314 Liberty Road

Baltimore, Maryland 21244

ar@allenrealty.net

410-496-6700 Office

410-496-1853 Fax     

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Howard County

Maryland

Department of County Administration

HOUSING AND COMMUNITY DEVELOPMENT

KEYS TO AFFORDABLE HOMEOWNERSHIP IN HOWARD COUNTY

SETTLEMENT/DOWNPAYMENT LOAN PROGRAM

 

PURPOSE: To assist first time homebuyers with financing for settlement/downpayment costs up to $6,000.

SCOPE: Loans are available through the Howard County Office of Housing and Community Development (HCD) for settlement and downpayment costs. The loans will be amortized for at least 15 years at below market interest rates.

Participating lenders with available funds will process all requests.

ELIGIBILITY: Applicants must meet the following:

Income limit: $49,000 for individuals; $58,500 for 2 or more person households (income limits subject to change every January and July).

Purchase price limit: $130,000 for individuals, $155,000 for 2 or more person households.

First time homebuyer.

Have a minimum of $1,000 to apply towards settlement/downpayment costs plus one month’s mortgage payment (including principal, interest, taxes & insurance) in savings account.

Lack sufficient funds to pay for the total settlement/downpayment costs.

Must be approved for a primary mortgage loan.

HOW TO APPLY:

Complete an application with a participating lender (see next page).

Once the loan is approved with your lender, the lender will reserve funds directly with HCD.

The lender will send all the required documents, including the application, to HCD for processing funds.

Funding reservations are made only by the lender once all the necessary documents, including the primary mortgage loan approval letter, have been submitted to HCD.

LENDER CONTACTS:

The following lenders have an agreement with HCD to participate in the Settlement/Downpayment Loan Program (SDLP). Availability of funds is not guaranteed. Please contact the lender for information.

The Settlement/Downpayment Loan Program is a partnership between the Howard County Government and several private lenders. While all participating lenders must meet certain County restrictions, the actual terms of loans offered through the SDLP may vary from one participating lender to another. Potential SDLP applicants should contact the participating lenders for the specific terms of the SDLP loans they offer.

The following represents the lenders who currently ar SDLP partners with the Howard County Government:

The Columbia Bank

Contact: Mr. Darrell Bonebrake

Phone: (443) 655-7442

Wells Fargo Home Mortgage

Contact: Ms. Patricia Connelly

Phone: (410) 290-1500

Chevy Chase Bank

Contact: Mr. William Hylind

Phone: (410) 839-3026

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All homebuyers participating in the Settlement/Downpayment Loan Program are required to participate in pre-purchase counseling by the participating lender. Certificates are issued to the homebuyer in order to settle on the home purchase.

www.co.ho.md.us/howard.html

Howard County

Maryland

Department of County Administration

HOUSING AND COMMUNITY DEVELOPMENT

KEYS TO AFFORDABLE HOMEOWNERSHIP IN HOWARD COUNTY

REDUCED MORTGAGE PROGRAM

The Office of Housing and Community Development and the Howard County Housing Commission are working to make homeownership affordable to moderate income households who can qualify for a mortgage with a private mortgage lender, but qualify for an amount less than the purchase price of most homes in Howard County.

Under the Reduced Mortgage Program, the first-time homebuyer may be able to:

take a small second mortgage with the County for an amount which is the difference between the primary mortgage for which the household qualifies and the purchase price of the home. This second mortgage would have no monthly payments, and need be paid to the County only when the home is re-sold; or

enter into a financial arrangement with the Howard County Housing Commission acting as a percentage co-owner for an amount which is the difference between the primary mortgage for which the household qualifies and the purchase price of the home. After the homebuyer takes possession of the home, he/she is invited to "buy the Commission out" of its percentage share of the home at any time. If at some later time when the home is re-sold, both the homeowner and the Commission receive their respective percentage shares of the total proceeds of the sale.

Under certain circumstances, both the second mortgage and the co-ownership options may be applied to the purchase of a single home for a first-time homebuyer.

Housing units that may be included in the Reduced Mortgage Program are a mixture of existing and new construction homes. At this time, the program includes only specific housing units designated by the Office of Housing, not unites found by potential homeowners. The sale price of units included in this program is typically $100,000 - $135,000. Depending on the income of the first-time homebuyer, the primary mortgage for such a unit might be able to reduce to $85,000 - $100,000.

To qualify, potential homebuyers:

Will need a minimum investment of $1,000;

Will need to have monthly payments on all credit (loans, cards, etc.) of no more than $350;

Will need to have a household annual income of at least $30,000 with limited cash assets; and

Will need to have a good credit rating overall.

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