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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

Maryland Money for Veterans Still Available

You want this Clinton listing.

Fight to STOP the County's 20% Recordation Tax INCREASE!

President's Letter County Budget; Hard on Real Estate Join us this Monday at 7 pm Fight to STOP the County's 20% Recordation Tax INCREASE! Please make every attempt to attend the Prince George's County Council Budget Hearing. By showing up in force, we send the message that PGCAR Members care about home ownership and will stand together to oppose this increase!   Prince George's County Fiscal Year 2013 Budget Hearing Monday, May 7 at 7 pm County Administration Building 1st Floor Hearing Room 14741 Governor Oden Bowie Drive Upper Marlboro, MD 20772 Contact County Executive Rushern Baker and Your County Council Take Action Today > Recently, County Executive Rushern Baker released his budget proposal for fiscal year 2013. We applaud Mr. Baker's commitment to education and public safety; however, as a representative of the trade association representing over 2,500 Prince George's County real estate professionals - and the only voice for the homeowners they serve - we, as REALTORS®, have grave concerns about this budget's negative effect on housing. The FY 2013 County Budget proposes a 20% increase in the County property transfer recordation fee, raising it $1.00 per $1,000 in home sale price. That's an additional $300 in closing costs on a $300,000 home purchase. Upfront buyer closing costs - including recordation fees, transfer taxes, property taxes, down payments and lender fees - are the largest impediment to homeownership. Much to our dismay, Prince George's leads the Maryland DC Metro area in closing costs. In a statewide comparison, Prince George's ranks 3rd in closing cost expense; higher than 21 other Maryland Counties. Additionally, at 1.4% of the closing price, Prince George's ranks 1st in the Maryland DC Metro area in transfer tax burden. For another "first," Prince George's leads the Maryland DC Metro area in property taxes; besting our neighboring jurisdictions Montgomery County and Calvert County by approximately 30% and 32%, respectively. Another disheartening point is that our citizen homeowners disproportionately fund this budget through real estate taxes that provide over 70% of County tax revenue.   Alease Bowles 2012 PGCAR President Homebuyers are already struggling to get the necessary capital together to buy homes. This increase lessens their ability to purchase. For sellers, it lessens the pool of ready, willing and able buyers seeking to enter the marketplace. Unfortunately, the County is experiencing a very challenging housing market. Prince George's single family property settlements are down 4.1% compared to March 2011; condominium settlements are down 5.7% compared to March 2011. Property values are at extreme lows compared to prior years, and foreclosures and short sales dominate the market. Real estate traditionally leads the economy out of recession and we are poised to do that again as our market stabilizes. Increasing housing costs, however, is counterproductive to rebuilding our local economy and a barrier to stabilizing our local real estate market. We urge County Executive Baker to rethink this unwise proposal. We call on all County residents to contact your elected Council member to express your concerns on this matter. Sincerely, Alease Bowles President, Prince George's County Association of REALTORS®, Inc. PGCAR leadership, over 160 members, and our PGCAR and MAR Government Affairs Directors have already either met with, emailed and/or called our Council members, urging them to oppose this increase in Prince George's County recordation fee.  Please get involved. Attend the Budget Hearing this Monday, May 7 and CLICK HERE  to email your County Executive and Council Members today! President Alease Bowles Letter to Council Members > Recordation Tax and Closing Costs Talking Points >

Prince George's County Association of REALTORS® 9200 Basil Court  :  Suite 400 : Largo MD 20774 Phone 301-306-7900  :  Fax 301-306-8273  :  www.pgcar.com  :  ©2012 PGCAR

HIP’s Homebuyer University

Interested in buying a home?

Now is the time to get your degree from HIP Services’ Free Homebuyer University

                                                      

This 8-hour homebuyer workshop will arm you with the knowledge and confidence to jump into the real estate market and make the right choices for you.

Workshop topics will include:

·         Getting your financial ducks in a row

·         How much house can I afford? (And do I want as much house as I can afford?)

·         Will the bank say YES?

·         Don’t lose your shirt – how to avoid predatory lenders

·         How do I buy a foreclosed property and do I want one?

·         Where to find free down payment money…sort of

·         The daunting closing documents and procedures

·         I got my dream house – now what??

·         Am I in to stay?  How to avoid foreclosure

Location and Time:

Upper Marlboro, MD

Saturday October 8, 2011

9am to 5pm

**Lunch will be served**

MATERIALS: You will receive a valuable workbook filled with information, examples and resources for buyers.

DEGREE AWARDED:  Upon completing the 8-hour class, you will receive a “Certificate of Completion” which is a prerequisite to applying for many downpayment/closing cost assistance programs, including the Prince George’s County My Home Program, and the State of Maryland CDA Program.

REGISTER:  To register for the workshop, have your client contact Cherelle Silue at 301-699-8031.

New Home Buying Program

PRINCE GEORGE’S COUNTY, DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT LAUNCHES THE BUY SUITLAND HOMEOWNERSHIP ASSISTANCE PROGRAM

The Buy Suitland Program has started accepting new applications

The Buy Suitland Program offers income eligible, credit worthy first time home buyers up to $40,000 in down payment and closing costs assistance to purchase foreclosed or short sale properties in the following census tracts:

  8018.02; 8019.02; 8020.01; 8020.02; 8021.05; 8024.05; 8024.06

Additional information on the program, including training schedules can be found at:  www.princegeorgescountymd.gov/buysuitland

Your Vote DOES Count.

For the upcoming 2010 General Election, you have 7 days and 7 ways to cast your vote. Please pick a convenient option below and make sure that your vote is counted.

You Have 7 days to Vote in 2010 (Early Voting Days and General Election Voting Day):
1. Friday, October 22 - Hours: 10:00 a.m. – 8:00 p.m. (Must vote at one of the early voting locations listed below)
2. Saturday, October 23 - Hours: 10:00 a.m. – 8:00 p.m. (Must vote at one of the early voting locations listed below)
3. Monday, October 25 - Hours: 10:00 a.m. – 8:00 p.m. (Must vote at one of the early voting locations listed below)
4. Tuesday, October 26 - Hours: 10:00 a.m. – 8:00 p.m. (Must vote at one of the early voting locations listed below)
5. Wednesday, October 27 - Hours: 10:00 a.m. – 8:00 p.m. (Must vote at one of the early voting locations listed below)
6. Thursday, October 28 - Hours: 10:00 a.m. – 8:00 p.m. (Must vote at one of the early voting locations listed below)
7. Tuesday, November 2 - Hours: 7:00 a.m. – 8:00 p.m. (General Election Day - Vote must be cast at your assigned precinct)

You Have 7 Ways to Vote in 2010:
1. College Park Community Center - 5051 Pierce Ave., College Park, MD. 20740 (Early Voting Location)
2. Bowie Library - 15210 Annapolis Rd. , Bowie, MD. 20715 (Early Voting Location)
3. Upper Marlboro Community Center - 5400 Marlboro Race Track Rd Upper Marlboro, MD 20772 (Early Voting Location)
4. Wayne K. Curry Sports & Learning Center - 8001 Sheriff Rd., Landover, MD. 20785 (Early Voting Location)
5. Oxon Hill Library - 6200 Oxon Hill Rd., Oxon Hill, MD. 20745 (Early Voting Location)
6. Your Assigned Precinct (Vote at your home precinct on Tuesday, November 2, 2010)
7. Vote by Mail (Complete the attached Absentee Application no later than Tuesday, October 26, 2010)


Please share and forward this message to your family, friends and neighbors. Prince George’s County is the battleground for this election. We have to make sure that President Barack Obama has a Democratic Governor and Democratic members of Congress from Maryland. We must make sure that our voice is heard and that Our Vote Counts!

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