Charles County Settlement Expense Loan Program

Summary

The Charles County Settlement Expense Loan Program (SELP) provides direct financial assistance of up to $6,000 for settlement expenses to qualified low-income and moderate-income first-time homebuyers in Charles County, Maryland. The program aims to help eligible applicants overcome the financial barrier of settlement expenses associated with purchasing a home. This program is only available for the purchase of an existing home within Charles County and is not available for new construction. The program provides direct financial assistance in the form of a loan which must be repaid if the borrower sells or refinances the property. However, if the borrower continues to occupy the property as their primary residence, the loan is forgiven after a set number of years. Applicants must meet certain eligibility criteria to qualify for the program.

Eligibility Requirements

  • The applicant(s) must have a household income that is at or below 80% of the Area Median Income (AMI) for Charles County. The income limits vary depending on the number of people in the household and the type of property being purchased.
  • The purchase price of the home being bought must not exceed the program's maximum purchase price limit, which is currently set at $350,000.
  • The home being purchased must be located in Charles County, Maryland, and must be the primary residence of the applicant(s).
    The applicant(s) must complete a homebuyer education course from an approved counseling agency prior to closing on the home.
  • The applicant(s) must obtain a 30-year fixed-rate mortgage from an approved lender and meet their credit requirements.
  • The applicant(s) must also have a minimum credit score of 640, have at least $1,500 of their own funds to contribute towards the down payment and/or closing costs, and not have any outstanding collections or judgments.

Contact Information

200 Baltimore Street,
La Plata, MD 20646
Phone: 301-645-0550

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