We appreciate your support!

SELP Loans are easy! A SELP Loan will not add any additional time or complexity to your transaction if you stay within SELP guidelines. Here are some things to remember for a smooth transaction:

105% Maximum CLTV: Keep in mind that the combined loan-to-value (excluding financed UFMIP) cannot exceed 105%. Please be sure to calculate your loan amount in such a way as to use as much of the $10,000 as possible. One easy way to determine the optimum loan amount is as follows:

Purchase Price (or appraised value) X 105% — $10,000 = 1st Mortgage Amount

If re-imbursement for repairs is included in the sales contract, you may want to re-calculate the 1st Mortgage amount after repair costs are known.

$2500 Limit for Repair Re-Imbursement: If negotiating re-imbursement for HQS repairs with SELP funds, remember $2500 is only the program limit. Use real and appropriate values for negotiating repairs and re-imbursement.

60-Day Contract: When making a SELP Contract of Sale, please allow 60 days for the SELP loans to be processed, even if you expect to settle sooner. Be sure to include the appropriate SELP addendum with all contracts.

Principal Curtailment at Settlement: Not allowed under the SELP Program. If it looks likes SELP funds will go unused, please reduce the 1st mortgage loan amount prior to settlement to maximize use of SELP funds.

Scheduling Settlement: All required documents—from Lender, Realtor, and Borrower—must be in our office no less than five business days prior to scheduled settlement. This includes the Final Inspection for repairs. Please keep this in mind when planning your settlement date.

Ratios: SELP Program ratios are 31% & 43%. Exceeding these ratios will make your borrower ineligible for SELP.

Forms & documents

Counseling Conference Checklist: This is the bright yellow checklist you received at the Workshop - what to bring to your one-on-one counseling session.

CDA/FHA Checklist
This is the orange checklist stapled to the yellow one. Use this checklist if you are just doing a CDA or FHA mortgage without SELP or DSELP.

HQS Inspection Guidelines
These are the guidelines the Home Inspector will use to determine deficiencies that will require repair.

Home Inspection Firms
This is the list of Home Inspection Firms approved by Baltimore County Government for the SELP Program.

SELP Addendum A: The SELP addendum (version A or B) is required in all real estate contracts

SELP Addendum B: This SELP Addendum version is used when reimbursement for repairs is included in the contract.

Lead Paint Addendum: Required in all SELP Contracts.

SELP Repayment Schedule: This shows the pro-rated amount to be re-paid to SELP if the borrower sells during the 15 years before the loan is forgiven.

Privacy Policy: The SELP Privacy Policy