Ocean City Today

Wicomico offers valuable home ownership tools

Real Estate Report
By Lauren Bunting | Aug 24, 2017

(Aug. 25, 2017) There is a local resource serving Wicomico County that assists in many facets of homeownership including home purchase loans, rehabilitation and renovation, foreclosure prevention, education and development, and property/ community development.

A chartered member of the Neighbor Works America, Salisbury Neighborhood Housing Services (SNHS) is a private nonprofit organization. SNHS was incorporated in 1994 with the vision of increasing homeownership in under-served and distressed communities. At the foundation of this vision were concepts such as resident empowerment, redevelopment, public/private partnership and aggressive intervention. SNHS goals include:

• To increase homeownership

• To reduce neighborhood blight

• To provide resources for home improvement

• To encourage private investment by banks, homeowners, commercial and industrial users and landlords

• To foster sustainable change through education, training and leadership development

• To develop self sustaining programs

SNHS offers a 30-year fixed-rate mortgage for borrowers with a total household income below 80 percent 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 percent. The first mortgage is funded by a local participating lender and no mortgage insurance is required. 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.

All SNHS loan products require a minimum of $1,000 down from the purchaser. Depending on income/type of loan, it can be as much as five percent of the amount financed.

Individual counseling is free. Anyone can come in and sit down with a loan administrator to see if they qualify for a loan through our program. If a person does buy a home through SNHS, there is a $100 application fee. We also charge a 2 percent origination fee (minimum of $600) at settlement. Our homebuyer education workshop is required for all families purchasing a home through SNHS. The cost for the in-person class is $100 and online classes are available for $100.

SNHS has focused its revitalization efforts in four target areas. These areas include the Westside neighborhood, Camden Avenue area, Doverdale/Church Street area and the Newtown/Johnson Lake area. Target area maps and more information can be found by visiting salisburynhs.org or by calling 410-543-4626.

– Lauren Bunting is a licensed Associate Broker with Bunting Realty, Inc. in Berlin.

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