CLOSING COST LOAN – somerset

Closing cost/down-payment assistance loan secured by the property.  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.  For Somerset County, the maximum income limit is 120% of the area median income.  The interest rate may be 2% less than that of the first mortgage loan.  Contact Assistant Director, Jane Hoy at 410.543.4626 for specific details and requirements.  Other restrictions may apply.

 

Somerset county 120% AREA MEDIAN INCOME – 2025

1 person
$77,950
2 person
$89,100
3 person
$100,200
4 person
$111,350
5 person
$120,250
6 person
$129,200
7 person
$138,100
8 person
$147,000

These figures represent 120% of Area Median Income for Somerset County. They are to be used as an index for determining income eligibility for programs where household income is limited to “at or below 120% of Area Median Income.”

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