harfoRD COUNTY - SETTTLEMENT expense LOAN PROGRAN (selp)

1. Apply Here: Complete the form at yourhomepurchase.org/contact-us, and expect a response within the hour. 📝
2. Loan Application Process: A licensed loan officer will guide you through completing the loan application. 🏦
3. Required Documents: Prepare the following documents for submission:
   
   • Photo ID 📸
   • Social Security card 🔍
   • Two months' most recent bank statements (all pages) 💳
   • Thirty days' most recent paystubs 💰
   • 2022 W2 📑
   • 2023 W2 📑

1. Income Verification: Your paystubs will be reviewed initially to determine eligibility for the SELP program. 💼
2. Credit Check: Upon meeting income requirements, a tri-merge credit report (Transunion, Experian, Equifax) will be conducted. 💳
3. Credit Review: Your credit report will be reviewed with you to ensure accuracy of score, accounts, and tradelines. 📊
4. Pre-Approval: Upon successful review of income documents, you will receive a mortgage loan pre-approval. ✅
5. Homebuyer Assistance Program Enrollment: Once income and credit qualifications are met, you'll be connected with a HUD-approved counseling agency. 🏠 call for an appointment 410-638-3000 or email Smgasparovic@harfordcountymd.gov ( Stephen Gasparovic)
6. Group Counseling Session: Once they schedule you for counseling you will attend a group counseling session either in person or online, covering key homeownership components such as budgeting, foreclosure, property tax, homeowners insurance, and credit importance. 🗣️
7. One-on-One Counseling: Following the group session, participate in a personalized counseling session. Upon completion, receive a certificate signifying program completion, indicating readiness to embark on your home search. 🎓 Contact us so we can reserve your grant funds now 410-301-0942.

🏠 You're now prepared to find your dream home! Happy house hunting! 🏠🔍🎉

• 🏠 House Price Limit: The SELP purchase price limit for Harford County is $329,000 for existing homes and $456,000 for new construction homes. Refer to the Harford county website for more details.

1. 🏡 First-Time Homebuyer Status:
   The homebuyer must be a first time home buyer 
2. 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)
• The minimum cash contribution is to be no less than 1%.
• 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
• 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

Inquire below for the income limits for this program.  Call or email Michael at 410-301-0942 or via email michael@yourhomepurchase.org