Somerset, Worcester homebuyers can get help with closing costs

Posted 9/12/22

SALISBURY — If you live in Somerset or Worcester counties you may be eligible for assistance with closing costs when buying a new home through a program offered by Salisbury Neighborhood …

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Somerset, Worcester homebuyers can get help with closing costs

Posted

SALISBURY — If you live in Somerset or Worcester counties you may be eligible for assistance with closing costs when buying a new home through a program offered by Salisbury Neighborhood Housing Services (SNHS).

The maximum loan amount is $15,000 and income restrictions are based on the area median income. SNHS will match the lender’s interest rate for the loan.

“It is a challenging time for first time home buyers right now because inventory is low, and demand is high which drives prices up. We want to help people get over the ‘closing cost hurdle’ and keep moving towards home ownership,” said Jane Hoy, SNHS assistant director.

“This loan offering can help people manage the up-front cost of buying a home.”

SNHS is a local nonprofit which launched the closing cost loan program outside of Wicomico County in 2020. It also provides homebuyer education and credit restoration services to residents of Worcester and Somerset counties.

Free homebuyer education classes are offered quarterly and eHome America online courses are offered for $100. Coupons for the online course are available to offset the cost. The next scheduled homebuyer education classes are 9 a.m. to 1 p.m. Saturday, Sept. 17 and Sept. 24 and held at the fire station in Salisbury at 325 Cypress Street. Call 410-543-4626 to register.

Another program for those with less than perfect credit is credit restoration counseling. It is offered to those SNHS customers who are not ready to purchase a home because of credit or budgeting issues or if they are delinquent on existing mortgages. For more information about that visit salisburynhs.org or call 410-543-4626.

Counselors can pull 3-tier credit reports to better assess specific credit needs. A report for an individual is $32 and $50 for couples.

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