hOWARD COUNTY - SETTTLEMENT DOWNPAYMENT LOAN PROGRAN (sdlp)

1. 📝 Complete an application with an approved lender.
2. 🎉 Once the loan is approved with your lender, the lender will reserve funds directly with DHCD.
3. 📨 The lender will send all the required documents, including the application, to DHCD for processing funds.
4. 🏦 Funding reservations are made only by the lender once all the necessary documents, including the primary mortgage loan approval letter, have been submitted to DHCD.
5. 📆 If you're a soon-to-be homebuyer or a lender who'd like to know more, see our SDLP Information Packet (Updated January 2024).
6. 📞 You may also contact Linda Phillips, SDLP Administrator with the Department of Housing & Community Development at 410-313-6318, option 1, or lphillips@howardcountymd.gov.

🔍 All homebuyers participating in the Settlement/Down payment Loan Program are required to participate in pre-purchase counseling. Certificates are issued to the homebuyer in order to settle on the home purchase.

💰 Funds are currently available and are offered on a first-come, first-serve basis. Interested homebuyers should contact a participating first mortgage lender to begin the application process.

⏳ Availability of funds is limited.  

1. 💰 Income Limits: Check out the income chart in the information packet below (page 4) for specific limits. Remember, these limits can change every January and July.
2. 🏠 House Price Limit: The CDA purchase price limit for Howard County applies. Refer to the SDLP information packet below for the current limit.
3. 🏡 First-Time Homebuyer Status:
   
   • Required for HomeStarter, HomeSteader, and DreamMaker Loans.
   • Not required for Revitalization and Workforce Initiative Loans.

             4.  💵 Financial Requirements:

• You'll need at least $1,000 to apply towards settlement/down payment costs.
• Plus, make sure you have one month's worth of PITI (principal, interest, taxes, insurance) saved in your account.
• Remember, you should lack sufficient funds to cover the total settlement/down payment costs.

               5.  📝 Mortgage Loan Approval:

• Approval for a fixed-rate primary mortgage loan is a must to qualify for assistance.