SDLP - HomeSteader Loan

SDLP - HomeSteader Loan is a deferred second loan for homebuyers in Howard County, Maryland. The HomeSteader Loan is Howard County's SDLP tier targeting current homeowners and longtime County residents - allowing repeat buyers to purchase a new primary residence within Howard County. Up to $20,000 in 0% interest deferred-payment second-mortgage assistance. HomeSteader tier of Howard County's SDLP for current Howard County homeowners or longtime residents seeking to purchase a primary residence in Howard County. Up to $20,000 in 0% interest deferred-payment second-mortgage assistance. Funding comes from HOME, CDBG, Federal, and Local Government.

SDLP - HomeSteader 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 - HomeSteader Loan is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Not restricted to first-time homebuyers - HomeSteader serves repeat buyers who are current Howard County residents/homeowners. 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; 8-hour homebuyer-education certificate required. Residency requirement: Property within Howard County, MD; buyer's primary residence; current Howard County residency required for HomeSteader tier. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME / CDBG rules. Property in Howard County; buyer's primary residence. HomeSteader tier targets current Howard County homeowners or longtime County residents (not strictly first-time homebuyers). Maximum household income approximately $72,547 (1-person) to $136,804 (8-person). Maximum purchase price $644,756. Minimum buyer contribution $1,000. 8-hour homebuyer-education class required.

SDLP - HomeSteader Loan limits household income to 80% of the area median income, which varies by county and household size. HomeSteader tier: household income approximately $72,547 (1-person) to $136,804 (8-person). 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 - HomeSteader 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 - HomeSteader Loan serves homebuyers purchasing in Howard County, Maryland.

Applications for SDLP - HomeSteader 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. 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.