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.

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.

Settlement Expense Loan Program Plus (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. 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. Same general SELP eligibility plus additional underwriting for the enhanced tier. Property must be located in Charles County and be the buyer's primary residence. First-time homebuyer required. Income up to approximately $204,300 (8-person) tracking MD DHCD MMP Charles County limits. 8-hour HUD-approved homebuyer education required. SELP+ is layered on top of standard SELP for buyers requiring additional assistance.

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.

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.

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

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. 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.