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Salisbury Neighborhood Housing Service, Inc.

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Home Purchase Loans

HOME
This is a 30-year fixed-rate mortgage for borrowers with a total household income below 80% of the area median income. The interest rate is equal to the Freddie Mac 60-day delivery rate, with a minimum interest rate of 5%. The first mortgage is funded by one of our local participating lenders. No mortgage insurance is required. Additionally, two points (% of loan amount) are charged by SNHS (preferably to be split between the buyer and seller). Costs for SNHS required repairs and other renovations may be borrowed as an additional mortgage funded by SNHS at the current rehab program interest rate, provided the total of all mortgages is within appropriate affordability and loan-to-value. The minimum borrower contribution is $1,000. If the applicant’s total household income exceeds 80% of the Area Median Income, go to the Home-Plus program below.
HOME – Plus
This is a 30-year, fixed-rate mortgage program to be used if the applicant’s total household income exceeds 80% of the Area Median Income. The interest rate equals the Freddie Mac 60-day delivery rate with a 5% minimum. The first mortgage is funded by one of our local participating lenders. No mortgage insurance is required. Costs for repairs may be borrowed as an additional mortgage funded by SNHS at the current rehab program interest rate. The required down payment is 5% of the purchase price. A minimum of 2% of the purchase price must be documented as the borrower’s own out-of-pocket funds, and the remaining 3% down-payment may be borrowed or gifted. Two points (% of loan amount) are charged by SNHS. The points are preferably split between the buyer and the seller. Maximum loan amount is $225,000.00.
•Expanded Tandem
SNHS offers secondary mortgage for the amount over 80% of purchase price less downpayment, in order to preclude the need for (pmi) mortgage insurance. Only applies if the first mortgage provider is an SNHS participant. Available county-wide with income restrictions. Contact office for specific details.
•Ultra-Light Closing Cost Loan
Closing cost/down-payment assistance loan secured by the property. 5.5% for a maximum of $15,000, and a term of up to 10 years. Loans $5,000 or less will have a maximum term of 5 years. Available in Salisbury neighborhoods county-wide provided that the first mortgage lender is an SNHS participant. The origination fee is $500.00, which may be waived if the first mortgage is made in tandem with SNHS mortgage loan product.