Down Payment and Closing Cost Loans

  • Tandem Loans – SNHS offers secondary mortgages for the amount over 80% of purchase price less down payment, in order to preclude the need for (pmi) mortgage insurance. Property must be owner occupied. If property is within one of SNHS’s target neighborhoods there is no income restriction.  For all other areas of the City and Wicomico County, the maximum income is 120% of the area median income. The interest rate will be the same as the first mortgage rate.  Maximum loan amount is $45,000 and the maximum term is 20 years. Contact office for specific details. 
  • Closing Cost Loans – Closing cost/down-payment assistance loan secured by the property. Interest rate is currently 5.5% for a maximum of $15,000, and a term of up to 10 years. Loans $5,000 or less will have a maximum term of 5 years.  Property must be owner occupied. If property is within one of SNHS’s target neighborhoods there is no income restriction.  For all other areas of the City and Wicomico County, the maximum income is 120% of the area median income. Contact SNHS for details.