closing cost loan – Wicomico
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. Contact Assistant Director, Jane Hoy at 410.543.4626 for specific details and requirements. Other restrictions may apply.
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. Other restrictions may apply.
SALISBURY AREA 120% AREA MEDIAN INCOME – 2020
These figures represent 120% of Area Median Income for the city of Salisbury and Wicomico 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.”