The Charles County Settlement Expense Loan Program
- Downpayment & Closing Cost Assistance
- Charles County
Summary
The Charles County First Time Home Buyers Settlement Expense Loan Program (SELP) is designed to promote home ownership in existing residential communities in Charles County. It provides direct financial assistance of up to $6,000 to qualified low-and moderate-income first time home buyers to help with settlement expenses associated with a home purchase in Charles County.
Eligibility Requirements
- The applicant(s) must be a first-time homebuyer or have not owned a home within the past three years.
- Total household income must be at or below 80% of the area median income (AMI) based on family size. The current income limits for Charles County can be found on the program website.
- The applicant(s) must purchase a home in Charles County as the primary residence and occupy the property within 60 days of settlement.
- The applicant(s) must obtain a first mortgage from an approved lender and contribute a minimum of $1,000 toward the down payment and/or closing costs.
- The applicant(s) must have a credit score of at least 620.
- The applicant(s) must complete a homebuyer education course from a HUD-approved counseling agency prior to closing.
- Applicants are also required to meet additional program-specific criteria, including income and purchase price limits, property eligibility requirements, and other program guidelines. Interested individuals can contact the program administrator or visit the program website for more information on eligibility and how to apply.
Contact Information
Maryland Homeownership
200 Harry S Truman Parkway, Suite 200
Annapolis, MD 21401