BUYER ELIGIBILITY

1. Before signing a real estate contract, completes Homebuyer Education Curriculum: Workshop(s) & Counseling with a Baltimore County affiliated Housing Counseling Agency *.

2. Meets Income Eligibility: 80% of area median, adjusted for household size.

1. First time home buyer (cannot have previously owned a dwelling within the last 3 years). Exceptions can be granted for separation, divorce or death of spouse or prior ownership of documented substandard housing.
2. Qualifies for a fixed rate mortgage with a Participating Lender. (See the Referral List )
3. Post purchase liquid assets cannot exceed 25% of gross annual household income.
4. Gift Contributions may not exceed 3% of the sales price.
5. Buyer's proposed post purchase housing and total debt ratios cannot exceed 31% and 43%, respectively, of the gross monthly household income.
6. Has cash equal to 5% of gross household income to contribute to purchase (see below).

PROPERTY CRITERIA

1. Existing dwelling that is owner occupied, occupied by buyer, or vacant. New construction is excluded.

2. Dwelling types: Single family detached, semi- detached, townhouse, and condominium unit.

1. Located within the mapped Community Conservation Area. Please see MALP Program Boundaries.

4. Has had a satisfactory home inspection and has been certified as meeting the federal Housing Quality Standards (HQS) using an inspection firm from the County's pre-qualified list. The HQS certification provides assurance to the County that the dwelling is free from hazardous defects and meets basic standards for safety and livability. All noted deficiencies must be corrected and verified prior to SELP Loan approval. The home inspection and HQS certification fee can be included as part of the buyer's minimum cash contribution.

1. The cost of repairs required to correct HQS identified deficiencies might be Included in the borrowers maximum loan amount up to $2,500 when such repairs are done by a licensed contractor.

MALP LOAN TERMS

1. MALP Loan Amount: Minimum $15,000, Maximum $35,000(of which up to $25,000.00 can be used for principal curtailment).

2. Buyer's minimum cash contribution: 5% of gross annual household income.

3. MALP Loan- Loan is deferred for fifteen (15) years ("Affordability Period "). Thereafter, the loan is forgiven after 15 years, unless sale, transfer of title or default occurs before the end of the (Affordability Period) 15 years.

4. Primary Loan- Loan principal is repayable upon the earlier to occur of sale, transfer, refinance, default on primary loan, or discontinuance of borrower occupancy in the home.

For more info on the MALP program, please contact me at #443-677-2074.

Please browse my website for listings, reports and important local real estate information.

Dave Melka

MY SERVICES TO BUYERS ARE ABSOLUTELY FREE!!!!! CALL ME ANYTIME.

Your Realtor for life!
Long And Foster, Aberdeen Maryland Sales

Hud and Foreclosure home specialist!

cell # 443-677-2074 office # 410-575-6411 voice mail # 410-575-6411

My other web site's are http://www.davemelkarealtor.com and http://www.BALTIMORELOWPRICEDHOMES.COM OR HTTP://WWW.FINDEROFDREAMHOMES.COM

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