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SNHS Closing Cost Loan - Somerset County

Salisbury Neighborhood Housing Services, Inc. (SNHS) · Somerset County, Maryland

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Assistance

$15,000

The maximum the program publishes — not an offer

Income limit

120% AMI

Of area median income; varies by county and household size

Repayment

Repayable

Repaid on the terms set by Salisbury Neighborhood Housing Services, Inc. (SNHS)

What is SNHS Closing Cost Loan - Somerset County?

SNHS Closing Cost Loan - Somerset County is a repayable second loan for homebuyers in Somerset County, Maryland, administered by Salisbury Neighborhood Housing Services, Inc. (SNHS).

  • A closing-cost/down-payment assistance loan from Salisbury Neighborhood Housing Services for homebuyers purchasing in Somerset County, MD. Secured second lien up to $15,000; rate may be up to 2% below the first-mortgage rate. Owner-occupied; household income at or below 120% of Somerset County AMI.
  • Up to $15,000 toward down payment and closing costs.
  • Rate may be 2% below first-mortgage rate.
  • Serves all of Somerset County.
  • Funding comes from SNHS revolving loan funds.

How much assistance does it provide?

SNHS Closing Cost Loan - Somerset County offers up to $15,000 in assistance.

  • Award tiers: Loans <= $5,000: max 5-year term. Loans > $5,000 (up to $15,000): max 10-year term.
  • Amounts are the program's published maximums, not an offer — Salisbury Neighborhood Housing Services, Inc. (SNHS) determines any individual award.

Do you have to pay it back?

SNHS Closing Cost Loan - Somerset County is a repayable second loan and is repaid under the terms set by Salisbury Neighborhood Housing Services, Inc. (SNHS).

  • Repayment is triggered by Amortizing loan; property must remain owner-occupied.
  • The assistance is recorded in Subordinate (second lien behind first mortgage) position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

SNHS Closing Cost Loan - Somerset County is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • A completed homebuyer education course, through SNHS HUD-certified Homebuyer Education class, required before settlement
  • Residency: Property must be in Somerset County, MD
  • DRAFT (dpa-gap-finder 2026-06-12): pending review. Interest rate stated only as 'may be 2% less than the first mortgage rate' - exact dpa_interest_rate UNCONFIRMED. Repayable (non-forgivable) loan. Unconfirmed and intentionally omitted: assistance_amount_min, prepayment_penalty, points_fees, min_credit_score, max_dti, max_purchase_price, eligible_products, participating_lenders, provider_email.

The program excludes

  • Households above 120% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

SNHS Closing Cost Loan - Somerset County limits household income to 120% of the area median income, which varies by county and household size.

  • Somerset County 120% AMI 2025: 1p $77,950; 2p $89,100; 3p $100,200; 4p $111,350; 5p $120,250; 6p $129,200; 7p $138,100; 8p $147,000.
  • 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?

SNHS Closing Cost Loan - Somerset County can be used for Single Family.

Where does it apply?

SNHS Closing Cost Loan - Somerset County serves buyers purchasing in Somerset County, Maryland.

How do you apply?

Applications for SNHS Closing Cost Loan - Somerset County go through Salisbury Neighborhood Housing Services, Inc. (SNHS), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through SNHS HUD-certified Homebuyer Education class, required before settlement.

  2. Contact Salisbury Neighborhood Housing Services, Inc. (SNHS) to reserve funds

    Funds are reserved with the provider and are subject to availability.

  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.

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