Wednesday, April 25, 2012

You Asked My About Free Money Right?

Down Payment and Closing Cost Assistance
My HOME Program
Now open - The My HOME program offers $$$ incentives to buy a home in
Prince George's County. Up to 5% of home sale price to qualified homebuyers
who have not owned a home within last 3 years.
Through HUD's HOME Investment Partnerships Program (HOME) the County has acquired over $1 million to use toward Down Payment and Closing Cost Assistance loans. The County's Department of Housing and Community Development (DHCD) oversees the My HOME program, which has been accepting applications and granting assistance to Prince George's County homebuyers since March 7, 2011.
My HOME Details:
  • The purchase property DOES NOT HAVE TO BE A FORECLOSED PROPERTY. The MY HOME program is open to all residential sale properties in Prince George's County up to $362,790. . . including short sales (single family, townhome, condominium, new construction included. The buyer must occupy.)
  • Down Payment Assistance (DPA) is NOT restricted to specific zip codes. Under My HOME all areas of Prince George's are eligible.
  • Applicant must be a first time home buyer, defined as "not owning a home within last three years."
  • The amount of down payment assistance (DPA) is 5% of the property sale price.
  • Buyer must contribute 1.75% of sale price toward transaction or 50% of liquid assets over $3,000 which ever is greater.
  • The maximum household income limits for eligibility were increased on October 16, 2011.Income Limits Chart >
  • Calculate your annual household income using this sample chart.
  • Buyer must qualify for the first mortgage through a Participating Lender approved by DHCD.
  • The lender will accept and complete the DPA loan applications and underwrite and qualify the first mortgage and pre-qualify the DPA loan simultaneously.
  • DHCD will require a specific DPA application, a special contract addendum, and seller/borrower affidavits.
  • Prospective purchase property will be subject to special inspections performed by a DHCD qualified inspector (at no cost to buyer). Request the required free inspection using this form.
  • Click here for the facts about some common myths heard about the special inspections requirements.
  • A Streamline 203K is acceptable, limited to repairs up to $35,000.
    Click here for the 203K Loan Addendum Form >
  • The DPA will be in the form of a deferred payment loan secured on the property as a second trust. Repayment is required if ownership is less than 10 years.
  • Applicants must attend 8 hours of HUD approved financial counseling classes.

Friday, April 6, 2012

Free Grant Money for First Time Home Buyers - Buy in Suitland

Buy Suitland

County Executive, Rushern L. Baker, IIIBuy within walking distance of the Metro, walk to work at the Suitland Federal Center, be a part of the revitalization of Suitland. The Buy Suitland Program offers an exciting opportunity to purchase a home in the Suitland Neighborhood Stabilization target area, anchored by the Suitland metro station, the Suitland Federal Center, and the planned mixed-use Suitland Manor Redevelopment Project. Through the Buy Suitland Program, income eligible, credit worthy, first time home buyers can receive up to $40,000 in down payment and closing costs assistance, to purchase a foreclosure or short sale property. Take advantage of this great program, become a homeowner and be a part of the Suitland renaissance!
This website outlines specific guidelines for the homebuyer, realtors and lenders. It also provides a self-assessment test to determine if you are ready to apply to the Buy Suitland Program.

Use this link to ensure your property is located in one of the eligible census tracks: