Howard County HomeStarter loan is now available. This is a loan up to $40,000 that can be used for down payment and/or closing costs.
- Available to first time home buyers only
- Loan term must match first mortgage loan, typically 30 years
- Loan must be repaid back upon sale, refinance or default
- Interest Rate is 2% below the primary loan rate
- Buyer must contribute at least one monthly payment on primary loan plus $1,000
- Back ratio no greater than 45%
- Borrower assets greater than 2 months reserves must be used first
- Purchase price limit is $465,758 (that will increase in 2021 once loan limits are established for program)
The income limits are as follows (these should also increase in 2021:
- 1 person household $54,950
- 2 person household $62,800
- 3 person household $70,650
- 4 person household $78,500
- 5 person household $84,800
- 6 person household $91,100
- 7 person household $97,350
- 8 person household $103,650
Call 301-483-8073 or email – [email protected] for a referral to a senior loan officer to put you on the right path for home ownership in 2021.
