HOME OWNERSHIP

Many programs exist to assist residents with purchasing a home. One thing we offer is housing counseling. There are many things to consider when preparing to purchase a home.

• Your Credit – We can provide help in getting and interpreting you credit report. To obtain a free copy of your credit report, call 1-888-333-2413.
• Savings for your down payment – How much do you need? Do you need down payment assistance from our Settlement Downpayment Loan Program (SDLP)?
• What you can afford – Go to Calculator Page

Programs for First Time Homebuyers

You are a first time homebuyer if you have not owned a home within the last three years, unless the home was lost through separation, divorce, or the death of a joint tenant.

State of Maryland Programs:
Family size of 2 or less, annual income limit is $72,000
Family size of 3 or more, annual income limit is $82,800
Purchase limit is $261,609 for an existing home and $261,609 for new construction.
For info see: www.morehouse4less.com

For Howard County Settlement Downpayment Loan Program:
Family size of 1, annual income limit is $44,600
Family size of 2 or more, annual income limit is $53,100
Purchasing price limit is $130,000 for an individual & $155,000 for 2 or more.

Section 8 Home Ownership

Client Eligibility Requirements

Families participating in the Section 8 Homeownership Program must be in good standing, and must have participated in the Section 8 Program, or Howard County or Housing Commission programs for at least 2 years prior to the execution of the Contract of Sale. The family must also have participated in the Family Self Sufficiency Program for a period of at least 6 months prior to the date of settlement.

For more information contact: Christopher Julien (410)313-6343

Disability Home Ownership

Eligible Borrower(s)

At least one borrower must be disabled (a disabled borrower will be required to provide to one of the approved housing counseling agencies a "Certificate of Disability" completed by a health, mental health, or disability professional). All borrowers must meet program eligibility guidelines and the loan must conform to all underwriting criteria.

Annual Percentage Rate:	10.25%, reduced to 3% so long as household income does not exceed Maximum Current Annual Household Income; Borrower must respond to income monitoring during the term of the loan; rate may increase after closing if Borrower's household income exceeds the Maximum Current Annual Household Income
Maximum Current Annual Household Income:	The total combined income of all members of the household may not exceed $40,150, the Maximum Current Annual Household Income.
Maximum Purchase Price	$120,000 in Howard Count
Ratios	The maximum acceptable underwriting ratios are 32% and 40% on the front and back end, respectively. (A higher back ratio my be accepted with significant compensating factors).
Credit:	Flexible credit standards allow for consideration of six months previous credit history (with limited exceptions). Borrowers having "no credit history" are not eligible. However, alternate forms of credit may be acceptable.
Term:	30 years (up to 40 years determined by affordability
Points:	Not applicable
Processing Fee:	$600.00 (may be financed in first mortgage
Minimum Cash Contribution:	$500.00 (entire amount can be gifted
Mortgage Insurance/Guarantee:	Not required