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. Interest rate will match first mortgage rate. Contact Assistant Director, Jane Hoy at 410.543.4626 for specific details and requirements.  Other restrictions may apply.

 

Somerset county 120% AREA MEDIAN INCOME – 2026

1 person $79,800

2 person $91,200

3 person $102,600

4 person $114,000

5 person $123,100

6 person $132,250

7 person $141,350

8 person $150,500

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.”