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

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

Landlords Wanted!! This Weekend!

PGCAR would like to share the information below with our members on behalf of the County Department of Housing and Community Development.

Prince George's County Association of REALTORS, 9200 Basil Court,Ste. 400, Largo, MD 20774 SafeUnsubscribe™ angelbrown@kw.com Forward this email | Update Profile | About our service provider Sent by erica@pgcar.com in collaboration with Try it free today

Gorgeous Upper Marlboro Rental 11601 Assisi Street in zipcode 20772

New Price for 5929 89th Avenue New Carrollton!!!

Virtual Tour

New Price For A Gorgeous Rental Property in Bowie

Gorgeous Bowie Townhome For Rent - Perfect Location

Open House for 5929 89th Ave New Carrollton 8/15 & 8/16 1-4pm

You've Earned It Downpayment Assistance Program

The MMP "You've Earned It" Initiative

​

You’ve worked hard to get your education, and it didn’t come cheap. For many people, investing in an education means carrying long-term student debt, which can become a barrier to achieving the dream of homeownership.

For a short time, the Maryland Mortgage Program is offering a 2.75% mortgage rate* and up to $10,000 in Down Payment Assistance to qualified homebuyers who have a student loan debt of $25,000 or more.

The MMP “You've Earned It!” program is open to potential homebuyers who are buying a home through the Maryland Mortgage Program in one of Maryland’s “Sustainable Communities”.

For all program details and eligibility requirements, please refer to the MMP "You've Earned It" Fact Sheet.

_{*APR (Conventional) - 3.159%; APR (FHA) - 3.738%; APR (VA) - 2.914%. Please contact a participating lender for further details on the APR.}

---

Sustainable Communities

Maryland's Sustainable Communities are regions across the state where governments, business and communities cordinate investments to achieve sustainable growth,good jobs and thriving neighborhoods.

The Department of Housing and Community Development (DHCD) has created anonline mapping tool to help you identify whether a property is in a Sustainable Community simply by typing in a street address.  

---

Getting Started

If you're ready to take advantage of this special program:

1. Talk to a Lender - Your lender can help you confirm your eligibility for the Maryland Mortgage Program and the You've Earned It! initiative and will make sure you meet all the requirements, such as attending the right Homebuyer Education Class.  
2. Check Your Eligibility to see whether you can apply for an MMP loan. Note that being eligible to apply does not guarantee approval, and lenders will take into account things like your income, credit history and employment situation when considering your application.
3. Complete a Homebuyer Education Class - Completing a Homebuyer Education prepares you to make the right decisions when purchasing your home.  Homebuyer Education classes are available throughout Maryland, and are provided by a range of Community and Non-Profit organizations as well as local government housing agencies.
4. Learn about Down Payment Assistance - The Maryland Mortgage Program provides help in the form of Down Payment Assistance (DPA) alongside a range of Partner Match programs from employers, developers and community organizations that can cover down payment and closing costs.

You must have Adobe Reader to view and print PDF documents on this page. If you do not have it, download it for free.

PNC BANK - HOME BUYING EVENT - SAT 2/28 - MUST RSVP

Home Ownership Workshop!!!

Education Is The Key To Home Ownership

10AM-12PM

Saturday February 28th

@ Keller Williams Preferred Properties

9701 Apollo Dr, Upper Marlboro MD 20774

Please RSVP @ Kevin.fergusonsr@pncmortgage.com or 301-497-6243
Make sure to tell him Angel S. sent you!!

Here are some topics that will be covered: 

* The requirements for qualifying for a new home purchase 

* Down payment assistance programs available 

* PNC loan programs available 

* The home buying process, step by step 

* Additional Misc info 

* One site credit pre approvals 

Lower Your Federal Taxes, Every Year, For the Life of Your Loan

Maryland HomeCredit Program

---

Lower Your Federal Taxes, Every Year, For the Life of Your Loan

A Maryland HomeCredit can save a homebuyer tens of thousands of dollars over the life of a home loan, and makes owning a home more affordable. Together with a home loan through the Maryland Department of Housing and Community Development's (DHCD's) Maryland Mortgage Program (MMP), which offers Down Payment Assistance and the certainty of a 30-year fixed interest rate, the State of Maryland is making the dream of sustainable homeownership a reality for more Marylanders than ever.

To get started, contact one of our approved MD HomeCredit lending partners today.

You may already know about the mortgage interest deduction that most homeowners already claim each year on their federal taxes. The Maryland HomeCredit Program is different, and provides a federal tax credit to eligible homebuyers. A tax deduction reduces the homeowner’s “taxable income”. In contrast, a tax credit, such as the Maryland HomeCredit, provides the homeowner with a reduction in their actual federal tax liability.

DHCD's Maryland HomeCredit Program provides eligible homebuyers with a federal tax credit that may be claimed annually, the value of which is equal to 25% of the value of mortgage interest payments (up to $2,000) paid each year, for the life of the loan (i.e. until payoff, sale, refinance or transfer).

How to Get a Maryland HomeCredit

Homebuyers apply for a Maryland HomeCredit through an approved mortgage lender.  The Lender will confirm the borrowers' eligibility for this program, and submit an application to the Maryland Department of Housing and Community Development (DHCD).

Who Can Get a Maryland HomeCredit?

To get a HomeCredit, you must be purchasing a home in Maryland and meet borrowing criteria that include:

• You must meet the same income limits and home purchase price limits as the Maryland Mortgage Program;
• You cannot have owned a home during the past three (3) years, UNLESS you are purchasing in aTargeted Area;
• The home  you purchase must be your primary residence.

 NOTE - the Maryland HomeCredit Program is not available for refinances or existing homeowners

Calculating the Value of an Maryland HomeCredit

The size of the tax credit received by a homeowner with a HomeCredit is 25% of that year's mortgage interest payments, up to a maximum credit of $2,000 in any single year. 

Note that the actual net savings due to the HomeCredit are likely to be less than the face value of the tax credit, since the value of the of interest payments associated with the tax credit (25% of total interest payments) cannot also be used as a standard mortgage interest deduction. 

The following example shows a typical calculation:

 

 

Our downloadable calculator can help you estimate how a Maryland HomeCredit can provide you with savings over the life of a loan. 

Maryland HomeCredit Fees

 

 

GET STARTED - Talk to an Approved Maryland HomeCredit Lender

I'm Your Realtor and I Vote!

Dear Angel Thank you for taking action on the most recent National Association of REALTORS Calls for Action.  With your help we were able to convince Congress to move on two important provisions for REALTORS®.   Congress has taken a step toward keeping the real estate recovery progressing by enacting a tax extension package that included Mortgage Debt Forgiveness.  Unfortunately, the extension to the Terrorism Risk Insurance Act didn’t get enacted but despite this temporary set-back, Realtors® will work closely with Congress in 2015 to swiftly reenact TRIA and provide much needed certainty to the commercial market.  Reenacting TRIA is the top priority for REALTORS® in 2015. We are not done; there will be other challenges in the coming year, but with more than a million members, together our voices can make a big difference.   Let us reset, renew and recharge so that we are ready to start a new year of REALTOR® grassroots advocacy in 2015. When Congress is ready to act, we will be too. Thank you for all that you do, Chris Polychron, 2015 President Dale Stinton, CEO  This message was sent to angelbrown@kw.com. Visit your subscription management page to modify your email communication preferences or update your personal profile. To stop receiving this e-mail in the future, click toremove yourself from this list.  NAR maintains a separate email system to communicate our national news and programs. If you would like to manage those subscriptions and optin/optout of those communications please click here to login to Realtor.org.

Lower Your Federal Taxes, Every Year, For the Life of Your Loan

Maryland HomeCredit Program

---

Lower Your Federal Taxes, Every Year, For the Life of Your Loan

A Maryland HomeCredit can save a homebuyer tens of thousands of dollars over the life of a home loan, and makes owning a home more affordable. Together with a home loan through the Maryland Department of Housing and Community Development's (DHCD's) Maryland Mortgage Program (MMP), which offers Down Payment Assistance and the certainty of a 30-year fixed interest rate, the State of Maryland is making the dream of sustainable homeownership a reality for more Marylanders than ever.

To get started, contact one of our approved MD HomeCredit lending partners today.

You may already know about the mortgage interest deduction that most homeowners already claim each year on their federal taxes. The Maryland HomeCredit Program is different, and provides a federal tax credit to eligible homebuyers. A tax deduction reduces the homeowner’s “taxable income”. In contrast, a tax credit, such as the Maryland HomeCredit, provides the homeowner with a reduction in their actual federal tax liability.

DHCD's Maryland HomeCredit Program provides eligible homebuyers with a federal tax credit that may be claimed annually, the value of which is equal to 25% of the value of mortgage interest payments (up to $2,000) paid each year, for the life of the loan (i.e. until payoff, sale, refinance or transfer).

How to Get a Maryland HomeCredit

Homebuyers apply for a Maryland HomeCredit through an approved mortgage lender.  The Lender will confirm the borrowers' eligibility for this program, and submit an application to the Maryland Department of Housing and Community Development (DHCD).

Who Can Get a Maryland HomeCredit?

To get a HomeCredit, you must be purchasing a home in Maryland and meet borrowing criteria that include:

• You must meet the same income limits and home purchase price limits as the Maryland Mortgage Program;
• You cannot have owned a home during the past three (3) years, UNLESS you are purchasing in aTargeted Area;
• The home  you purchase must be your primary residence.

 NOTE - the Maryland HomeCredit Program is not available for refinances or existing homeowners

Calculating the Value of an Maryland HomeCredit

The size of the tax credit received by a homeowner with a HomeCredit is 25% of that year's mortgage interest payments, up to a maximum credit of $2,000 in any single year. 

Note that the actual net savings due to the HomeCredit are likely to be less than the face value of the tax credit, since the value of the of interest payments associated with the tax credit (25% of total interest payments) cannot also be used as a standard mortgage interest deduction. 

The following example shows a typical calculation:

 

 

Our downloadable calculator can help you estimate how a Maryland HomeCredit can provide you with savings over the life of a loan. 

Maryland HomeCredit Fees

 

 

GET STARTED - Talk to an Approved Maryland HomeCredit Lender

Weatherization Grants to Help 1,700 Low Income Family Homes Improve Energy Efficiency from DHCD

Weatherization Grants to Help 1,700 Low Income Family Homes Improve Energy Efficiency

July 21, 2014 by mdhousing Leave a comment

JULY 21

Crownsville, MD – Five contractors with proven experience in providing weatherization services to low income households have been awarded $3.3 million each through DHCD’s Targeted and Enhanced Weatherization program.

Awarded grants were Edge Energy; Green and Healthy Homes; Hawkeye Construction; Elysian Energy and ADP Consultants.

Funded through the Customer Investment Fund, the three-year grants will enable the contractors to assist more than 500 households a year or about 1,700 households in all. The Customer Investment Fund was established by the Maryland Public Service Commission under the merger settlement between Exelon and the Constellation Energy Group, Inc.

Weatherization is a significant part of the O’Malley-Brown administration’s EmPOWER Maryland initiative to reduce statewide energy consumption by 15 percent by 2015. Improvements such as the installation of energy conservation materials and more efficient furnaces can help reduce a household’s consumption, lower the monthly utility bills, make occupants more comfortable and may improve the air quality and overall health of the family.

The Department of Energy has estimated that each household retrofitted through weatherization services will save on average $350 a year on their energy bills – this is money those families can use on other essential expenses, such as school supplies or health care or transportation.

DHCD’s Targeted and Enhanced Weatherization program helps low-income residential customers who live in older, energy inefficient homes ustomers who cannot be assisted through other programs because of significant household health and safety issues.

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Local Weatherization Workers Get a Glimpse of the Future - More Resources to Make More Homes Energy EfficientIn "Energy Efficiency"

Weatherization, Other DHCD Programs, a Big Part of Proposals Now Before the Maryland Public Service CommissionIn "Affordable Housing"

DHCD Ordered to Become Sole Provider of Weatherization and Energy Retrofit Programs for State's Low Income HouseholdsIn "Green Energy"

Categories: Energy Efficiency, Weatherization | Permalink.

Homeownership for Individuals with Disabilities Program (HIDP) from DCHD

Did you know Maryland offers home loans with low to no down payment for individuals with disabilities or taking care of someone with disabilities?  Click the link below for more details.  Once you get approved contact me to help you find your home!

Homeownership for Individuals with Disabilities Program (HIDP)

Highlights

The Homeownership for Individuals with Disabilities Program is offered through the Maryland Department of Housing and Community Development (DHCD) and is available statewide. Please call Single Family Housing at 410-514-7530 or e-mail to SingleFamilyHousing@mdhousing.org  for additional information.

Eligible Borrower(s):	One of the borrowers is disabled OR One of the borrowers has a son or daughter who is disabled regardless of the age of the son or daughter; who resides with one of the borrowers and is cared for principally by one of the borrowers OR One of the borrowers is a guardian for an immediate family member who is disabled An immediate family member includes a spouse, domestic partner, son, daughter, brother, sister, mother or father; regardless of the age of the immediate family member; who resides with one of the borrowers and is cared for principally by one of the borrowers A disability is defined as a physical or mental impairment that substantially limits one or more major life activities (for example, hearing, seeing, speaking, sitting, standing, walking, concentrating, or performing manual tasks). The definition does not include a person whose disability is based solely on any drug or alcohol dependence. A "Certificate of Disability" completed by a health, mental health, or disability professional is required. All borrowers must meet program eligibility guidelines and the loan must conform to all underwriting criteria. Must be a first-time homebuyer unless buying in a targeted area or a veteran and exercising one-time exemption to first-time homebuyer requirement (must provide copy of DD-214).
Cosigners:	Not Permitted
Eligible Jurisdictions:	Available statewide.
Eligible Properties:	Existing or newly constructed homes. Newly constructed homes must be located in Priority Funding Areas. 1
Proximity Rule:	Occupancy implies that the home is located within reasonable proximity of the borrower’s place of employment. If the borrower’s employment requires the borrower’s absence from home a substantial amount of time, the following two conditions must be met: The borrower must have a history of continuous residence in the community; and There must be no indication that the borrower has established, or may be required to establish, principal residence elsewhere.
Homebuyer Counseling:	Refer to the list of counseling agencies for one in your area. A homeownership counseling certificate must be received by all buyers prior to execution of a contract of sale for a property that will be purchased under this program (contracts of sale that are executed prior to completion of homeownership counseling will not be eligible). Counseling certificate may not be more than one year old at the time of closing
Home Inspection:	Required. Fire, safety and health issues must be addressed.
Interest Rate:	2.75% - 4.75% (subject to change) based on borrower qualifying at a housing expense ratio not greater than 30.0% [principal and interest payment of mortgage loan + monthly escrow amount for taxes and hazard insurance divided by the gross monthly income of the borrowers] and a total debt-to-income ratio not greater than 38.0% [housing expenses plus long term debt divided by the gross monthly income of the borrowers]. Borrower may be required to respond to income monitoring during the term of the loan; rate may be increased after closing if Borrower's household income exceeds the Maximum Current Annual Household Income. If prequalification is required, qualify borrower at a 4.75% interest rate.
Maximum Current Annual Household Incomes:	The total combined income of all members of the household may not exceed: $106,100: Washington D.C. PMSA (Calvert, Charles, Frederick, Montgomery, and Prince George’s Counties); $89,400: St. Mary’s County; and $88,100: all other areas of the State.
Maximum Purchase Prices:	$289,470: counties of Allegany, Caroline and Dorchester; $287,257: non-targeted areas of Wicomico County; and $300,000: remainder of the State.
Maximum Underwriting Ratios:	30.0%: the maximum housing expense to income ratio 38.0%: the maximum total debt-to-income ratio Exceptions to these ratios will be considered up to 32.0%/40.0% with at least two strong compensating factors.
Non-Taxable Income:	If a particular source of regular income is not subject to federal income taxes (for example, certain types of disability and public assistance payments, military allowances), the amount of continuing tax savings attributable to the non-taxable income will be added to the borrower’s gross income when calculating the borrower’s underwriting ratios. The percentage of income that is added is the appropriate tax rate for that income amount. If the borrower is not required to file a federal income tax return, the tax rate that will be used is 25 percent.
Minimum Credit Score:	In order to be eligible for a Homeownership for Individuals with Disabilities Program loan, the representative (middle score of three scores or the lower score of two scores) credit score must be 640 or above.
Credit:	Satisfactory credit history required. Borrowers having no traditional or non-traditional credit history are not eligible In the absence of a credit score on the credit report, evidence of acceptable non-traditional qualifying credit, such as a satisfactory rental history, satisfactorily paid utility (cable, telephone, electric and gas) bills, satisfactorily paid insurance (renter’s or car) bills, etc. may be considered. Applicants must have established an acceptable credit rating for at least one year from the date of the release of a judgment or collection account. An exception to this policy will be considered if the paid collection account or judgment was a medical account with a nominal balance and applicant has a reasonable explanation why the account was delinquent. If the borrower had a bankruptcy, it must have been discharged for at least four years
Term:	30 years
Processing Fee:	$1,000.00 (may be financed).
Minimum Cash Contribution:	$500.00 (entire amount can be gifted).
Mortgage Insurance/Guarantee:	Not required.

Revised 06/26/13

¹ A Priority Funding Area (PFA) is an older community or locally-designated growth area where State and local governments already have a significant financial investment in the existing infrastructure and want to target their efforts to conserve natural resources and farmland while encouraging and supporting sensible economic and residential growth. Municipalities, Baltimore City and areas inside the Baltimore and Washington beltways are PFA's. For new construction, it must be confirmed that the property is located in a PriorityFunding Area by using theInteractive Online Maps on DHCD website or by abutler@mdp.state.md.us.

For More Information:

• Email Single Family Housing (SingleFamilyHousing@dhcd.state.md.us) or Contact:
• Single Family Housing
• Community Development Administration
• Maryland Department of Housing and Community Development
• 100 Community Place
• Crownsville, MD 21032-2023
• 410-514-7530
• Toll Free (Maryland Only): 800-638-7781
• Fax: 410-987-4136