Howard County Settlement / Downpayment Loan Program (SDLP)
- Downpayment & Closing Cost Assistance
- Howard County
Summary
Howard County Settlement / Downpayment Loan Program (SDLP) is a program in Howard County, Maryland that provides financial assistance to eligible first-time homebuyers with down payment and closing costs in the form of low interest rate loans. The program offers a deferred loan up to $40,000 or 5% of the purchase price, whichever is less, and is forgivable after five years. Applicants must meet income and credit score requirements and attend a homebuyer education course. The program is administered by the Howard County Department of Housing and Community Development.
Eligibility Requirements
- The applicant(s) must be a first time homebuyer.The applicant(s) must be required income limits.
- The applicant(s) must have a minimum of $1,000 of their own funds to put towards settlement costs.
- The property purchase price must not exceed $462,000.
- The applicant(s) must lack sufficient funds to pay for the entirety of closing costs.
- The applicant(s) must be approved for a primary fixed-rate mortgage.
- The applicant(s) must use an approved lender.
Contact Information
9820 Patuxent Woods Drive, #224
Columbia, Maryland 21046
Phone: (410) 313-6318
FAX: (410)313-6064