Settlement Expense Loan Program
The SELP Funds Down Payment & Closing Cost Assistance Program is designed for first time homebuyers needing assistance with down payment and closing costs associated with the purchase of a home in Harford County, MD. Preference is given to properties located within the Southern County Task Force Area (SCTFA). A lien will be recorded through a Deed of Trust.
Program terms:
- Maximum Assistance is $20,000 (Properties within Southern County Task Force Area, see map below)
- Maximum Assistance is $10,000 (Properties outside Southern County Task Force Area, see map below)
- Maximum Household Income is 80% of County Area Median Income (See Chart Below)
- Maximum Purchase Price is 95% of Area Median Income (See Chart Below)
- Interest Rate is Zero Percent (0%)
- Assistance is in the form of a Deferred Loan
- Assistance to provide Down Payment/Closing Costs/Loan Reduction Monies
- First Lien Must be LP Accept or DU Approve/Eligible
- Minimum Cash Contribution from Borrower is 1% of Sales Price
- Applicant(s) Must Complete FTHB Counseling
- First Lien Must be 30 Year, Fixed Rate, Fully Amortizing
- Cash To Pocket is Not Permitted
- Applicant(s) Must be FTHB
- Borrowers Must Occupy as Primary Residence
- Property Must Be Located in Harford County, MD
- Property Must Be Inspected by a Harford County Housing Inspector
- A Monthly Cash Flow Analysis is Required
- Property Must be 1-4 Unit SFD/Attached, Condo, Townhome, PUD, Manufactured
Household Size | 1-person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
Income Limit | $66,300 | $75,750 | $85,200 | $94,650 | $102,250 | $109,800 | $117,400 | $124,950 |
| 1 unit |
Existing | $329,000 |
New Construction | $456,000 |