Wonder exactly what DSELP stands for? Well, it stands for Downpayment and Settlement Expense Loan Program and it's offered by the State of Maryland through it's Maryland Mortgage Program. And, CDA is the name of the first mortgage loan.
Thank you for your interest into the Maryland CDA / DSELP Downpayment & Closing Cost Assistance Program and your online visit to FormanRealEstate.com. It's my committment to making the financial road to homeownership easier for home buyers than it's ever been before. This deferred loan is not just for first-time home buyers and is one of the few closing cost and downpayment assistance programs that can be "combined" with other local grant programs. (like the FHLB / Federal Home Loan Bank First Time Home Buyer Grant Program for instance). And, combining the $5,000 from CDA / DSELP that's being offered for 2016 with seller closing cost assistance can also be a way of significantly lowering the amount of cash needed to purchase a home.
Individual participants first must be pre-qualified by a pre-approved lender for the program. (not all lenders are approved to be able to offer CDA / DSELP) Those qualified to receive CDA / DSELP funds must complete home buyer counseling classes that includes educational training on the home buying process including courses on budgeting, mortgage financing, lending laws, and homeownership fundamentals. But hurry, classes fill up fast !
Complete the information below to receive more information on local home buyer education classes and to be pre-qualified by an approved lender for the program.