My Home Program Is Back! Downpayment and Closing Cost Assistance for Income Qualified Customers

Housing and Community Development News

Posted on: August 25, 2016

MY HOME II PROGRAM IS BACK! BEGINNING SEPTEMBER 1st

Largo, MD --- On September 1st, the Prince George's County Department of Housing and Community Development (DHCD) will re-open the popular My HOME II Program which provides first-time home buyers with up to $20,000 in down payment and closing costs for the purchase of their home in Prince George’s County. Home buyers must be income eligible, purchase a home one of 14 specific zip codes in the County and must pay back the zero percent interest loan when the house is sold or transferred.

“We are extremely pleased to offer this program again,” says Eric C. Brown, Director of the Prince George's County Department of Housing and Community Development. “Hundreds of new home buyers have been assisted with their home purchase through this program since 2013. Any residential property can qualify within certain zip codes, including new construction, re-sales and short sales, even foreclosures.”

Delante Davis won down payment and closing cost assistance for his first home as a House Lottery winner at the Prince George's County 2016 Housing Fair in June. He closes on his first home today and is excited to receive $10,000 toward the purchase of his home after renting for 7 years. Since Mr. Davis is a Prince George’s County school teacher, he is also eligible for a .5% exemption on County transfer taxes. Thirty-one year-old Davis will purchase a town house in Suitland and begin his path to homeownership.

The My HOME II Program will operate until the money has been exhausted or until December 31, 2016 whichever occurs first. There are program requirements, including the income eligibility of the buyer, associated with the My HOME II Program and interested home buyers should carefully review the information to make sure they understand the program and its rules and regulations.

For more information about the My HOME II Program, please visit the website beginning September 1, 2016 at: www.princegeorgescountymd.gov/865/Redevelopment-Authority

See chart below for eligible County zip codes:

ZIP CODE COMMUNITY
20706 Lanham
20710 Bladensburg
20722 Brentwood
20737 Riverdale Park
20743 Capitol Heights
20744 Fort Washington
20745 Oxon Hills
20746 Suitland
20747 District Heights
20748 Temple Hills
20772 Upper Marlboro
20774 Upper Marlboro/Largo
20784 New Carrollton
20785 Landover/Hyattsville

Household Size  50% Area Median  80% Area Median

1                          $37,450                   $59,950 

2                          $42,800                   $68,500

3                          $48,150                   $77,050

4                          $53,500                   $85,600

5                          $57,800                   $92,450

6                          $62,100                   $99,300

7                          $66,350                   $106,150

8                          $70,650                   $113,000