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Worcester County Closing Cost / Down Payment Assistance Loan

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

Last verified
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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 Worcester County Closing Cost / Down Payment Assistance Loan?

Worcester County Closing Cost / Down Payment Assistance Loan is a repayable second loan for homebuyers in Worcester County, Maryland, administered by Salisbury Neighborhood Housing Services, Inc. (SNHS).

  • Salisbury Neighborhood Housing Services administers a closing cost / down-payment assistance loan for homebuyers in Worcester County, Maryland. The loan is secured by the property, with a maximum amount of $15,000 and a maximum term of 10 years (5 years for loans of $5,000 or less). The interest rate may be up to 2% below the rate of the buyer's first mortgage, and household income may not exceed 120% of area median income. The property must be owner-occupied.
  • Up to $15,000 in closing cost and down payment help.
  • Below-market interest rate (up to 2% under first mortgage).
  • Available across Worcester County.

How much assistance does it provide?

Worcester County Closing Cost / Down Payment Assistance Loan offers up to $15,000 in assistance.

  • The program can be combined with other assistance, subject to the rules of each.
  • 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?

Worcester County Closing Cost / Down Payment Assistance Loan is a repayable second loan and is repaid under the terms set by Salisbury Neighborhood Housing Services, Inc. (SNHS).

  • Repayment is triggered by Repayable loan secured by the property; amortized over the loan term.
  • The assistance is recorded in Secured by the property (subordinate lien) position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Worcester County Closing Cost / Down Payment Assistance Loan 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 Homebuyer Education (free classes quarterly; eHome America online course $100); credit restoration counseling available
  • Property must be owner-occupied; complete SNHS homebuyer education; interest rate may be up to 2% below the first mortgage rate. NOTE (gap-finder): exact rate, credit score, and purchase-price cap not published; verify before publishing.

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?

Worcester County Closing Cost / Down Payment Assistance Loan limits household income to 120% of the area median income, which varies by county and household size.

  • Maximum income is 120% of the area median income for Worcester County.
  • 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?

Worcester County Closing Cost / Down Payment Assistance Loan can be used for Single Family.

Where does it apply?

Worcester County Closing Cost / Down Payment Assistance Loan serves buyers purchasing in Worcester County, Maryland.

How do you apply?

Applications for Worcester County Closing Cost / Down Payment Assistance Loan 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 Homebuyer Education (free classes quarterly; eHome America online course $100); credit restoration counseling available.

  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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