How To Get A Home Loan In Baltimore

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1 Available Now!! New Amounts! Announces the NEW and IMPROVED Settlement/Downpayment Program Payments Deferred!!! Program Guidelines Attached* New Income Limits!

2 PURPOSE: SCOPE: ELIGIBILITY: To assist homebuyers with financing for settlement/downpayment costs. s are available through Howard County Housing for settlement and downpayment costs. All loans will be deferred, due upon sale of home,. Low interest s at 2 points below the primary mortgage interest. Lenders will process all requests. Applicants must meet the following: Income limits: See chart on next page (income limits subject to change every January and July). House price limit: $429,620 ( applies). First time homebuyer for HomeStarter, HomeSteader, and DreamMaker s. First time homebuyer restriction not required for Revitalization and Workforce Initiative s. Have a minimum of $1,000 to apply towards settlement/downpayment costs plus one month PITI (mortgage payment) in savings account. Lack sufficient funds to pay for the total settlement/downpayment costs. Must be approved for a fixed primary mortgage loan. HOW TO APPLY: Complete an application with an approved lender. Once the loan is approved with your lender, the lender will reserve funds directly with HCD. The lender will send all the required documents, including the application, to HCD for processing funds. Funding reservations are made only by the lender once all the necessary documents, including the primary mortgage loan approval letter, have been submitted to Howard County Housing. *Availability of funds is limited. ========================================== All homebuyers participating in the Settlement/Downpayment Program are required to participate in pre-purchase counseling. Certificates are issued to the homebuyer in order to settle on the home purchase. For more information, please call Linda Phillips, SDLP Coordinator, at (410) , select option 4.

3 SETTLEMENT DOWNPAYMENT LOAN PROGRAM LOAN PRODUCTS Term/Condition HomeStarter (80% BMSA) HomeSteader (80% HC) DreamMaker (100% HC) Revitalization Workforce Initiative Income Limit 80% of Baltimore Metropolitan Statistical Area median income, adjusted 80% of Howard County for family size 100% of Howard County 110% of Howard County 110% of Howard County 1st-time Homebuyer? Yes Yes Yes No No Maximum Purchase Price for Howard County (currently $429,620) Property Location Howard County Howard County Howard County Homeownership Howard County revitalization area (210 or 20723); property must be pending foreclosure or foreclosed Maximum Amount $40,000 $25,000 $15,000 $25,000 $4,300 Use of Settlement costs; downpayment of up to 10% of purchase price Buyer s ½ of transfer and recordation taxes Term Repayment Terms Interest Rate Required Assets Other Requirements 2% below primary loan 2% below primary loan 2% below primary loan At least 15 2% below primary loan 10 ; principal amount reduced 10% per year and loan forgiven after 10 0% At least one household member must work full time in Howard County

4 SETTLEMENT DOWNPAYMENT LOAN PROGRAM Income Limits Household Size HomeStarter 80% Baltimore Region Maximum Permitted Income (effective 1/1/15) DreamMaker 100% Howard County HomeSteader 80% Howard County Revitalization and Workforce Initiative 110% Howard County 1 $44,750 $61,307 $76,634 $84,297 2 $51,150 $70,065 $87,581 $96,339 3 $57,550 $78,823 $98,529 $108,382 4 $63,900 $87,581 $109,476 $120,424 5 $69,050 $94,587 $118,234 $130,057 6 $74,150 $101,594 $126,993 $139,692 7 $79,250 $108,600 $135,750 $149, $84,350 $115,607 $144,509 $158,960

5 APPROVED SDLP LENDER LIST SunTrust Mortgage Columbia Bank 1 st Mariner Mortgage Mike Schreibeis Dave Kuhns Charles Maykrantz Movement Mortgage PNC Mortgage Wells Fargo Kimberly Smrek Christian Dale Amanda Ford Universal American Mortgage Prime Lending Presidential Bank John Tomasello Sylvia Coates David Calkins Corridor Mortgage Monarch Mortgage First Home Mortgage Sara Lenes Matt Benson David Toaff NVR Mortgage Ronnie Staines

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