Settlement Expense Loan Program Plus (SELP+)

What is Settlement Expense Loan Program Plus (SELP+)?

Settlement Expense Loan Program Plus (SELP+) is a deferred second loan for homebuyers in Charles County, Maryland.

• SELP+ is the enhanced tier of Charles County's Settlement Expense Loan Program, providing additional second-mortgage assistance (up to $20,000) on top of standard SELP for first-time homebuyers in Charles County. Administered by the Charles County Department of Community Services / Housing Authority. Used for down payment and closing costs.
• Enhanced tier of Charles County's SELP program providing up to $20,000 in settlement-expense assistance as a 0% interest deferred-payment second mortgage for first-time homebuyers in Charles County. Adds extra capacity above the standard SELP $10,000 cap, particularly for higher-AMI buyers and certain target buyer categories.
• Funding comes from HOME, CDBG, Federal, and Local Government.

Do you have to pay it back?

Settlement Expense Loan Program Plus (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 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.

Who qualifies?

Settlement Expense Loan Program Plus (SELP+) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Settlement Expense Loan Program Plus (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.
• 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.

What kind of home can it be used for?

Settlement Expense Loan Program Plus (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.

Where does it apply?

Settlement Expense Loan Program Plus (SELP+) serves buyers purchasing in Charles County, Maryland.

How do you apply?

Applications for Settlement Expense Loan Program Plus (SELP+) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies serving Charles County; 8-hour homebuyer-education certificate required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served subject to annual HUD HOME / CDBG funding allocation., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.