Are you a homebuyer living or working in
Howard County who has limited cash resources? If so, Howard County has now come to the rescue with a new settlement down payment loan program! The program, called SDLP, (settlement down payment Loan Program) is designed specifically for those borrowers who have good incomes, but lack the cash resources to come up with the 3.5% down payment required by FHA. The County is offering 5 different programs, 2 of which are available to borrowers who are NOT
first-time homebuyers. Some more good news for County residents is that the SDLP loan program also includes a "Revitalization" initiative which is reserved exclusively for the purchase of homes which are in foreclosure or pre-foreclosure (short sale) status (in designated zip codes 21045 & 20723).
The following are some basic guidelines for the program:
- Minimum contribution by the Borrower - $1,000
- Borrower must have cash reserves of projected mortgage payment (p.i.t.i) of 1 month. Cannot include borrower's minimum of $1,000
- Minimum cash reserves can be received as a gift
- Projected income is used for eligibility, not average income
- Maximum Purchase Price $429,620
- Home Buyer Counseling Required
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