First Time Home Buyers Settlement Expense Loan Program (SELP)

First Time Home Buyers Settlement Expense Loan Program (SELP) is a deferred second loan for homebuyers in Charles County, Maryland. Charles County's Settlement Expense Loan Program (SELP) is a 0% interest deferred-payment second mortgage of up to $10,000 for first-time homebuyers purchasing primary residences in Charles County. The program is administered by the Charles County Department of Community Services / Housing Authority and funded through HUD HOME and CDBG pass-through dollars. SELP funds may be used for down payment, closing costs, or both. Up to $10,000 in settlement-expense (closing-cost and down-payment) assistance as a 0% interest deferred-payment second mortgage for first-time homebuyers purchasing in Charles County. No monthly payments. loan repaid upon sale, refinance with cash-out, transfer, or loss of primary-residence status. Funding comes from HOME, CDBG, Federal, and Local Government.

First Time Home Buyers Settlement Expense Loan Program (SELP) offers between $1,000 and $6,000 in assistance. Homebuyer contribution: Minimum borrower contribution per first-mortgage program. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

First Time Home Buyers Settlement Expense Loan Program (SELP) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Deferred 0% second-mortgage repayable in full upon sale, refinance with cash-out, transfer, or loss of primary-residence status. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

First Time Home Buyers Settlement Expense Loan Program (SELP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (no ownership of residential real estate in prior 3 years). On credit, the program states: 640 minimum FICO recommended; underwriting follows first-mortgage product. A homebuyer education course is required, through HUD-approved housing counseling agencies serving Charles County; 8-hour homebuyer-education certificate required. Residency requirement: Property must be located within Charles County, MD, and be the buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME / CDBG rules. Property must be located in Charles County and be the buyer's primary residence. Buyer must be a first-time homebuyer (no ownership of residential real estate in the prior 3 years). Maximum household income approximately $108,300 (1-person) up to $204,300 (8-person), tracking the Maryland DHCD MMP Charles County limits. 8-hour HUD-approved homebuyer-education class required. Loan is 0% interest, deferred for the life of the loan; repaid upon sale, refinance with cash-out, transfer, or loss of primary-residence status.

First Time Home Buyers Settlement Expense Loan Program (SELP) limits household income to 120% of the area median income, which varies by county and household size. Household income approximately $108,300 (1-person) to $204,300 (8-person), tracking Maryland DHCD MMP limits for Charles County (Washington-Arlington-Alexandria HMFA). The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

First Time Home Buyers Settlement Expense Loan Program (SELP) caps the purchase price as follows: Tracks Maryland DHCD MMP Charles County maximum purchase price. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

First Time Home Buyers Settlement Expense Loan Program (SELP) serves homebuyers purchasing in Charles County, Maryland.

Applications for First Time Home Buyers Settlement Expense Loan Program (SELP) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served subject to annual HUD HOME / CDBG funding allocation. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.