SDLP - Workforce Initiative Loan

SDLP - Workforce Initiative Loan is a deferred second loan for homebuyers in Howard County, Maryland. The Workforce Initiative Loan is Howard County's SDLP tier dedicated to Howard County workforce members - educators, public-safety personnel, healthcare workers, and County employees. Up to $25,000 in 0% interest deferred-payment second-mortgage assistance to support workforce homeownership in Howard County, MD. Workforce Initiative tier of Howard County's SDLP. Up to $25,000 in 0% interest deferred-payment second-mortgage assistance for Howard County workforce members - educators, public-safety personnel (law enforcement, firefighters), healthcare workers, and other Howard County employees. Maximum purchase price $644,756. Funding comes from HOME, CDBG, Federal, and Local Government.

SDLP - Workforce Initiative 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 - Workforce Initiative Loan is open to homebuyers who will live in the home as their primary residence. 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; buyer or co-buyer must be a qualifying Howard County workforce member. 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. Workforce Initiative tier requires the buyer (or co-buyer) to be employed in a Howard County 'workforce' role - including but not limited to educators (Howard County Public Schools, Howard Community College), public-safety personnel (law enforcement, firefighters/EMS), healthcare workers, and Howard County government employees. Maximum household income approximately $99,752 (1-person) to $188,106 (8-person). Maximum purchase price $644,756. Minimum buyer contribution $1,000. 8-hour homebuyer-education class required.

SDLP - Workforce Initiative Loan limits household income to 120% of the area median income, which varies by county and household size. Workforce Initiative tier: household income approximately $99,752 (1-person) to $188,106 (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 - Workforce Initiative 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 - Workforce Initiative Loan names educators, law enforcement officers, firefighters, and healthcare workers among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

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

Applications for SDLP - Workforce Initiative 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.