Program Search

Homeownership for Individuals with Disabilities
MD Dept. of Housing & Community Development (DHCD)
http://www.dhcd.state.md.us/Website/programs/cdammp/lp.html

Program Overview

Homeownership for Individuals with Disabilities is a loan targeted to borrowers or a son or daughter) with a physical or mental impairment that substantially limits a major life activity. (Dependence on drugs or alcohol is not an eligible disability.) Available statewide.

Property Eligibility Requirements

Availabe statewide. The sales price cannot exceed $ 289,470 in Allegany, Caroline & Dorchester, $287,257 in the non-targeted areas of Wicomico County and $300,000 in all other areas.. Allowable property types: Existing homes or newly-constructed homes in a priority funding area.

Benefit Details

Benefit: Interest rate is 3% - 5% based on borrower qualifying at 30% housing expense ratio. Maximum DTI is 40%. (Some compensating factors are considered. Loan Term: 40 years years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Minimum credit score is 600; $1,000 processing fee may be financed; $500 minimum cash contribution may be gifted; no mortgage insurance.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.