Frequently asked questions

1. What is the Baltimore County SELP Program?
2. How do I know if I’m eligible?
3. Is Counseling required?
4. How do I sign up for a workshop?
5. Is there any cost for counseling?
6. Must I have good credit to get a SELP loan?
7. What is a "First Time Buyer?"
8. Should I bring my credit report to one on one counseling?
9. What if I’m just doing a CDA or FHA Loan and not using SELP or DSELP?
10. What if I lost one of the forms I need?
11. Can I purchase a ‘HUD Home’ with the SELP Program?
12. What if I’m disabled and on a fixed income?
13. I recently declared bankruptcy. May I use the SELP Program?
 

What is the Baltimore County SELP Program?

The SELP Program is a deferred loan offered by Baltimore County to help first-time home buyers pay for settlement costs and down payment. You may be eligible to receive up to $10,000 with no monthly payments and no interest. Additionally, the loan will be forgiven at the end of 15 years. See SELP Highlights for details.

How do I know if I’m eligible?

First, view the page entitled “SELP Highlights” for basic eligibility requirements. At your Workshop you’ll be given additional information to help self-determine your eligibility and your affordability. Your Counselor will then make a formal eligibility determination at your one-on-one counseling session, based on your individual circumstances.

Is Counseling required?

Yes, the Baltimore County SELP Program requires that all adult household members attend an educational workshop and one-on-one counseling PRIOR to signing a real estate contract.

How do I sign up for a workshop?

Please call our office at 410-284-9861 to register for your Workshop. All attendees must register in advance.

Is there any cost for counseling?

No. If your lender participates in the Baltimore County SELP program, both the workshop and the one-on-one counseling are given at no cost to you. Funding for our office is provided by Baltimore County Government and Participating Lenders. There is a fee of $250 for counseling when required by a non-SELP lender.

Must I have good credit to get a SELP loan?

There are no specific credit guidelines for the SELP Program itself. However, applicants must be able to successfully obtain a first mortgage from a Participating Lender. Your one-on-one counseling session will include a credit review and counseling.

What is a "First Time Buyer?"

For SELP purposes only, you are a first-time buyer if you’ve never owned a home, you haven’t owned a home in the past three years.

Should I bring my credit report to one on one counseling?

There is no need for you to get a credit report prior to counseling. We will access a fresh credit report summary for review at the time of your counseling session.

What if I’m just doing a CDA or FHA Loan and not using SELP or DSELP?

Then you just need to attend the Workshop and provide the documents in the CDA/FHA Checklist. Our Workshop is required for all CDA loans when purchasing in Baltimore County. FHA Borrowers (not CDA) only need to attend the workshop when required by your Lender.

What if I lost one of the forms I need?

Many of the forms you need are available for download on this Web site. In most cases they may be opened in Microsoft Word, completed, and emailed or faxed back to us. Otherwise call us at 410-284-9861.

Can I purchase a ‘HUD Home’ with the SELP Program?

No. Although there is no rule against purchasing a HUD home, on a practical level it will not work with the SELP program because there is no ‘seller’ to make any required repairs.

What if I’m disabled and on a fixed income?

You may be eligible for the Persons With Disabilities Program and SELP. Please call us at 410-284-9861 for details.

I recently declared bankruptcy. May I use the SELP Program?

Generally, in Chapter 7 you must wait two years from the date of discharge to be eligible for a new FHA first mortgage. Please call your lender to explore your options. In a Chapter 13 bankruptcy, you may be eligible for a mortgage with a 12 month good payment history in your Plan.