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Programs for PG County

Prince Georges County First Time Home Buyer Programs

 

My HOME-Homebuyer Assistance on any Residential Property in PG County

  • Up to 5% of the final purchase price towards home buyer assistance-primary residence only
  • Income limits apply
  • Eligibility: first time home buyers or those who have not owned a home anywhere in the last three years
  • 45% maximum debt to income ratio
  • Recipients must contribute 1.75% of the final purchase price or 50% of liquid assets over $3,000, whichever is greater
  • Must take 8-hour FTHB class prior to contract date

 

Buy SUITLAND Program-Selected Census Tracts in PG County

  • Assistance amount up to $40,000-primary residence only
  • Allowed with FHA 203k loans
  • Maximum loan amount-$625,000
  • Foreclosed and short sale properties ONLY
  • Income limits apply
  • Minimum cash contribution based on income as % of Area Median Income (AMI)
  • Maximum rehab amount-$35,000
  • Eligibility: first time home buyers or those who have not owned a home anywhere in the last three years

 

Work and Live in College Park

  • 10% of purchase price up to $35,000 towards down payment
  • Income limits apply
  • Requires 60 days minimum to process application
  • Must be foreclosed and vacant property
  • 45% maximum DTI ratio
  • Must put $2,000 of own money into deal
  • Must participate in HUD certified homeownership class
  • Allowed with FHA 203k loans

 

DownPayment Savings From FHLB Atlanta Bank: Up to a $15,000 Savings for Homebuyers

The Foreclosure Recovery

  • Provides up to $15,000 for the purchase, or purchase and rehabilitation, of any home within the Real Estate Owned (REO, or better known as foreclosed) inventory of an FHLB Atlanta member financial institution

The Community Stability

  • Provides up to $7,500 for the purchase, or purchase and rehabilitation, of an existing home located in any neighborhood which is also approved for NSP funds
  • Provides up to $7,500 in 4 to 1 matching funds (the homebuyer must contribute at least $1,000) per eligible household for down payment and closing costs.
  • Funds are available on a first-come, first-served basis and potential homebuyers must request the funds from a participating lender
  • A large number of local and national banks are participating lenders. Please click here for the list of participating lenders

 

American Dream Downpayment Initiative (ADDI) Program

  • Purchaser(s) must be first-time homebuyers or not have owned a home in at least three (3) years
  • Purchaser(s) must earn 80% or less of the area median income based on household size
  • Purchaser(s) must buy a home located in Prince Georges County, Maryland
  • Purchaser(s) must live in home as their primary residence during the 5-year term of the downpayment/closing cost loan; no temporary subleases
  • Purchaser must complete an intensive homeownership educational workshop conducted by a HUD-approved housing counseling agency PRIOR to applying for ADDI funds
  • Contribute a minimum of $1,000 toward the purchase of the home
  • Qualify for a first mortgage

 

Maximum Household Income
Household Size Maximum Income Household Size Max. Income
1 $57,700 5 $89,100
2 $66,000 6 $95,700
3 $74,200 7 $102,300
4 $82,500 8 $108,900

 

Maryland Veterans Homeownership Initiative

  • Targeted especially to veterans' families at or below 50% of the Area Median Income (AMI)
  • Requires a minimal cash outlay of $1,000 by the homebuyer
  • Provides up to all closing costs plus the 20% down payment in the form of a zero percent deferred loan to ensure that monthly mortgage payments are affordable to the targeted families
  • Offers the homebuyers additional funding on a case-by-case basis if repairs are needed, to help ensure the home meets at least minimum property standards.
  • In addition to NSP funds, DHCD will be able to leverage another $7 million of tax-exempt mortgage revenue bond funds as part of this initiative in the form of an MMP first mortgage loan that has a 40 year term and requires no mortgage insurance.

 

Deputy Sheriffs, and County and Municipal Police Officers Save on Transfer Taxes when Buying a New Home

Police FIRST TIME Homebuyers

  • Eliminates the County transfer tax of 1.4% for Prince George's County Police Officers, Deputy Sheriffs, and Municipal Police Officers serving local communities in the County WHO ARE FIRST TIME HOMEBUYERS

Police Homeowners

  • Reduces the County transfer tax from 1.4% to 1% for County Police, Deputy Sheriffs, and Municipal Police who currently own homes and wish to purchase a new residence

 

POTENTIAL TAX SAVINGS:
Given an Average Sale Price of $365,213 (May 2007)
Police First Time Homebuyers: $365,213 x 1.4% = $5,112.98 Tax Savings
Police Homeowners: $365,213 x 0.4% = $1,460.85 Tax Savings

To Qualify:

  • The purchase property must be improved residential property located in Prince George's County, Maryland
  • At least one of the Purchasers must be employed as a Prince George's County Police Officer or Deputy Sheriff, or a Municipal corporation police officer serving in Prince George's County
  • The police officer must reside in the property as his/her principal residence
  • A qualified purchaser must maintain their employment as a County Police Officer, Deputy Sheriff, or Municipal Police officer for three years following the purchase or they will be required to repay the tax

 

Maryland Mortgage Program Offers Low Fixed Interest Rates, $100 Million Set Aside for Loans to BRAC Buyers, and New Incentives for Renovating "Fixer Uppers" 

The Acquisition/ Rehabilitation Mortgage Program

  • Helps purchase a single-family home as a primary residence and obtain funds for needed repairs and renovations

The Homeward Bound Program

  • Offers eligible buyers of foreclosed or short sale property a lower rate mortgage

In addition to lowering the state Community Development Administration (CDA) mortgage interest rate, $100 million of federal assistance bond money was set aside for 4.5% mortgage loans in Prince George's County and nine other Maryland counties that are impacted by the federal Base Alignment and Closing act (BRAC). Our neighbors Anne Arundel, Howard and Montgomery are also included. It is estimated that this set aside can be used for approximately 625 mortgages.

 

Maryland CDA Program

  • DSELP is a deferred loan that is repayable when you payoff or refinance the home  or upon sale or transfer of the house you financed through the Maryland Mortgage Program.
  •  LOAN TYPES: • FHA and VA
  •  ELIGIBLE PROPERTIES: • Existing homes; new construction (if in a Priority Funding Area4) • Townhouses; detached or semi-detached homes; condominium units; modular or manufactured homes with the state seal of approval for code compliance • Home must be primary residence
  •  HOME INSPECTION: Required (unless home newly constructed or substantially rehabbed)
  •  HOME BUYER EDUCATION: Mandatory for all borrowers
  •  DOWNPAYMENT and CLOSING COST ASSISTANCE There are several options for down payment and closing cost assistance available
  • MAXIMUM LOAN AMOUNT $417,000 (county-specific)  • FHA loans - this amount may only be exceeded by the FHA Up Front Mortgage Insurance Premium (UFMIP) • VA loans - may not exceed $417,000 (including the financed funding fee)

 

USDA

  • 100% financing/no money down
  • 6% seller help
  • Maximum mortgage limits apply
  • Income limits apply
  • No monthly mortgage insurance
  • First time homebuyer only

Copyright © 2017, Metropolitan Regional Information Systems, Inc. All rights reserved. Information deemed reliable but is not guaranteed. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of MRIS. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Remax Specialists does not display the entire MLS database on this website. The listings of some real estate brokerage firms have been excluded. This site will be monitored for 'scraping' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated 2017-06-24 09:35:05.

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