SDLP - DreamMaker Loan

SDLP - DreamMaker Loan is a deferred second loan for homebuyers in Howard County, Maryland. The DreamMaker Loan is the moderate-income tier of Howard County's Settlement Downpayment Loan Program (SDLP). Provides up to $20,000 in 0% interest deferred-payment second-mortgage assistance to moderate-income first-time homebuyers purchasing in Howard County, MD. Administered by the Howard County Department of Housing and Community Development. DreamMaker tier of Howard County's Settlement Downpayment Loan Program (SDLP). Up to $20,000 in 0% interest deferred-payment second-mortgage assistance for moderate-income first-time homebuyers purchasing primary residences in Howard County. Maximum purchase price $644,756. Funding comes from HOME, CDBG, Federal, and Local Government.

SDLP - DreamMaker Loan 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 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.

SDLP - DreamMaker Loan 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; underwriting per first-mortgage product. A homebuyer education course is required, through HUD-approved housing counseling agencies serving Howard County; 8-hour homebuyer-education certificate required. Residency requirement: Property within Howard County, MD; buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME / CDBG rules. Property in Howard County, MD; buyer's primary residence. DreamMaker tier targets moderate-income first-time homebuyers. Maximum household income approximately $90,684 (1-person) to $171,005 (8-person). Maximum purchase price $644,756. Minimum buyer contribution $1,000. 8-hour homebuyer-education class required. Loan is 0% interest, deferred until sale, refinance with cash-out, transfer, or loss of primary-residence status.

SDLP - DreamMaker Loan limits household income to 100% of the area median income, which varies by county and household size. DreamMaker tier: household income approximately $90,684 (1-person) to $171,005 (8-person) - moderate-income tier of SDLP. 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.

SDLP - DreamMaker Loan caps the purchase price at $644,756. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

SDLP - DreamMaker Loan serves homebuyers purchasing in Howard County, Maryland.

Applications for SDLP - DreamMaker Loan 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 via Howard County DCS; subject to annual HUD HOME / CDBG / County funding. 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.