CLOSING COST LOAN – Worcester
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 Worcester County, the maximum income is 120% of the area median income. The interest rate will be 2% less than the rate of the first mortgage loan. Contact Assistant Director, Jane Hoy at 410.543.4626 for specific details and requirements. Other restrictions may apply.
worcester county 120% AREA MEDIAN INCOME – 2023
1 person $79,300 |
2 person $90,600 |
3 person $101,950 |
4 person $113,300 |
5 person $122,350 |
6 person $131,400 |
7 person $140,450 |
8 person $149,550 |
These figures represent 120% of Area Median Income for Worcester 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.”