Home Purchase 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 the city limits of Salisbury 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 match the rate of the first mortgage loan.  If the property is in one of our four target neighborhoods, the interest rate will be one percent less than 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 will match the rate of the first mortgage. The maximum loan amount is $15,000 and the maximum term is 10 years. Loans $5,000 or less will have a maximum term of 5 years.  Property must be owner occupied. If property is within the city limits of Salisbury there is no income restriction.  For all other areas of Wicomico County, the maximum income is 120% of the area median income.  The interest rate will match the rate of the first mortgage loan.  If the property is in one of our four target neighborhoods, the interest rate will be one percent less than the first mortgage rate.  Contact SNHS for details.