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 will 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 – 2023

1 person $71,550

2 person $81,800

3 person $92,000

4 person $102,250

5 person $110,400

6 person $118,600

7 person $126,800

8 person $134,950

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.”