Single Family Loan Information/Application

Single Family Loan General Criteria:

• Household income of no more than 80% of Area Median Income.
• The home must be located in Calvert County.
• The borrower must live or work in Calvert County.
• The borrower must be a first-time homebuyer (not owned a home within the last three years).
• The property must be owner-occupied.
• Loans are limited to an amount not to exceed 50% of the principal loan.
• There shall be a clear demonstration by the applicants that they have the ability to repay the loan.  

Single Family Loan Programs:

1.  Housing Assistance Plan I (Rent to Own)
   This program establishes a rent-to-own option in cases where the homebuyer is able to secure a mortgage for a certain amount, but not enough to purchase any of the homes available on the market.   Calvert Affordable Housing Alliance, Inc. (CAHA) purchases a home with a commercial loan covering what the family can afford to pay.   CAHA then uses Calvert Housing Opportunities funds as a second mortgage to pay the difference between sales price of a home and purchase price affordable to a buyer.  After a period, not to exceed five years, the homebuyer exercises an option to purchase the home at the original sales price.
2. Housing Assistance Plan II (Bridge Loan for Purchase)
   This plan is similar to Plan I, except that the participating family, rather than CAHA, owns the home.  Working in concert with a lender, the household buys a house with a first mortgage that would cover the amount they could afford.  CAHA would make a second mortgage from loan fund monies for the difference between the first mortgage and the purchase price of the house. 
3.  Rural Development Supplemental Loan
   Eligible buyers obtain a (502) Direct Loan from the Rural Development Administration (RDA) of USDA at reduced interest rates.  Since homes cost more than those approved for this type of loan, CAHA would loan applicants funds to cover the difference between the amount they could afford and the amount of purchase price, up to the limits for the maximum allowed by the RDA program.  The CAHA loan would be in the first position.
4. Maryland Homeownership for Individuals with Disabilities Loan (MHID)
   This program provides low interest loans (3%) to disabled buyers, but limits the purchase price to $175,000, and the total first mortgage amount to $120,000.  CAHA loans, in conjunction with this program, are similar to the 502 program.

Click Here for application.

Completed applications should be submitted to:

                     Calvert Housing Opportunities Loan Fund
                     c/o Housing Authority of Calvert County
                     P.O. Box 2509
                     480 Main Street
                     Prince Frederick, MD 20678
                     410-535-5010