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Sunday, September 4, 2016

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:

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

Friday, June 10, 2016

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

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Thursday, May 7, 2015

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:

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.
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.
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.
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.

Thursday, January 8, 2015

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

Friday, December 19, 2014

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

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REALTOR Action Center National Association of REALTORS

Thursday, June 12, 2014

This Weekend: Prince George's County Housing Fair - A Great Place to Live

Prince George's County Housing Fair

Prince George's County -Great Place to live

Prince George's County...A Great Place to Live!

The Prince George's County Department of Housing and Community Development (DHCD)presents the 2014 Housing Fair on Saturday, June 14, 2014 from 9:00 a.m. to 3:00 p.m. at the Sports and Learning Complex, 8001 Sheriff Road, Landover, MD 20785 (next to FedEx Field).

The Department of Housing and Community Development and the Redevelopment Authority of Prince George's County (RDA) will host its 3rd House Lottery and draw the name of one lucky winner to purchase a single-family home in Prince George's County at a substantially reduced price. (Only pre-qualified candidates can enter their names into the pool of applicants) If the winner is eligible, the RDA could provide a 5% down payment and closing costs for the home. Visit the First-Time Home Buyer House Lottery website under Resources for more details. The application deadline is: June 6, 2014

Exhibits...Demonstrations...Workshops

Visit with:

Mortgage Lenders
Housing Counselors
Rental Property Managers
Realtors
Real Estate Attorneys
Home Developers
Non-Profit Organizations
Government Agencies

Learn About:

Finding Affordable Housing
Managing your Money and Credit
Avoiding Housing Scams
Foreclosure Prevention
First -Time Homebuyer Programs
Financial Literacy

Call (301) 883-5094 for more information and sponsorship/exhibit booths.

Exhibit Booth Application Deadline Date: May 30, 2014

Monday, February 17, 2014

Tax Refunds - FAFSA - College & Career Expo at Wise 2/22/14 9 am-2 pm

ULYSSES CURRIE

25^TH Legislative District

Prince George’s County

Budget and Taxation Committee

201 James Senate Office Building

11 Bladen Street, Annapolis, MD 21401

301-858-3127 Fax 301-858-3733

Ulysses. Currie@Senate.State.MD.US

February 17, 2014

Important Reminders

College and Career Expo

I am pleased to remind you that Wise High School’s College and Career Expo is coming up this weekend. It will be this Saturday, February 22^nd from 9am to 2pm at the school.

The College and Career Expo will give students an opportunity to talk with college and career experts about what their school has to offer. Students may be interviewed and accepted on the spot. Experts in financial aid and scholarships will also be on hand. Remember, the FAFASA is due March 1. Senatorial Scholarships applications are available. Contact me by return email at ulysses.currie@senate.state.md.us.

Tax Benefits – Federal and State Earned Income Tax Credit

Every individual who earned income in 2013 should file both a federal and state income tax returns. Both provide an Earned Income Tax Credit (EITC) which could mean a refund – even if you owed no taxes. In the 2013 tax year, working families with children that have annual incomes below about $37,900 to $51,600 (depending on marital status and the number of dependent children) may be eligible for the federal EITC. Also, working-poor people without children that have incomes below about $14,300 ($19,700 for a married couple) can receive a very small EITC.

If you qualify for the federal earned income tax credit, you may also be entitled to a Maryland earned income tax credit in an amount equal to 50% of the federal tax credit. The Maryland earned income tax credit (EITC) will either reduce or eliminate the amount of the state and local income tax that you might owe.

Remember – you must file returns to get any EITC.

College Financial Aid - FAFSA

Every family with a high school senior should file a federal income tax form – even if you do not owe taxes. The federal 1040EZ form and the Maryland 501D are simple to complete. With those forms filed, your student can complete a FAFSA so that your family’s income can be verified through the tax filing. You can qualify for a federal Pell Grant of up to $5,500 and other state financial aid that could pay for most of your college tuition.

The deadline for the FAFSA is March 1^st.

I trust this information is helpful. Please feel free to forward it on to your friends and family for their information. If I can be of any service please do hesitate to contact me.

Sincerely,

Ulysses Currie

Friday, February 14, 2014

Money for Buying a Home and Renovating it in DC!

DC Open Doors
Program Notification
2014-01 – DC Open Doors – FHA 203K Streamline
Available as of Tuesday, February 18, 2014

As of Tuesday, February 18, 2014 DC Open Doors will offer the FHA 203K Streamline loan product for
eligible homebuyers. FHA’s 203K Streamline loan product will allow homebuyers to finance up to
$35,000 into their mortgage to repair, improve or upgrade their home.

Prospective homebuyers and realtor partners should visit our website
at: http://www.dchfa.org/DCHFAHome/Homebuyers/ParticipatingLenders/tabid/277/Default.aspx to find
DC Open Doors approved lenders offering the 203K Streamline loan product.

Approved lenders can reserve a DC Open Doors first trust mortgage loan as well as a DPAL on
DCHFA’s loan reservation system at: https://services.ehousingplus.com/Default.htm. The loan
reservation system is open from 10am EST to 8pm ET Monday through Friday.

Should you have any questions about any DC Open Doors mortgage product, or DCHFA’s processes or
procedures, please contact us directly at 202-777-1632 or SingleFamilyPrograms@dchfa.org.

Wednesday, September 11, 2013

New FHA Program Seeks to Return Foreclosed Borrowers to Homeownership

Housing Options & Planning Enterprises, Inc.

September 9, 2013

Real Estate Professionals,

The FHA "Back To Work" Program Is Official!

That's good news for borrowers who lost their home due to specific financial hardships but can now demonstrate they have regained their previously lost financial ground.

Housing Options & Planning Enterprises, Inc. (H.O.P.E.)

* FHA Question & Answers Forms

New FHA Program seeks to return foreclosed borrower to homeownership

After more than 2.5 million foreclosures, the Federal Housing Administration (FHA) is now offering a Homeownership Program that will put previously troubled borrowers back on a fast-track to the home ownership market. The new program known as "Back to Work - Extenuating Circumstance" cuts the standard three-year waiting period to only 12 months.

The list of eligible financial hardships reads like a list of housing crisis woes:

· Chapter 7 or Chapter 13 bankruptcy

· Deed-in-lieu

· Forbearance

· Foreclosure

· Loan modification

· Loss of income, employment or both that totaled at least 20 percent of previous earnings for at least six months - including copies of applicable termination notices or changes in employment status

· Pre-foreclosure sales

· Short sales

Additionally, consumers must also meet other verifiable measures to participate in the program:

· Proof of borrower's current income - usually W-2 forms or federal tax returns that show the desired mortgage would be affordable and sustainable;

· Credit history pre and post the eligible hardship event that is free from late payments or other major credit issues, including rental housing payments and accounts delinquent by 30 days or more;

· Credit score of at least 500; and

· Housing counseling by a HUD-approved counselor at least 30 days but no more than six months before submitting an FHA application.

For consumers meeting all of these criteria as well as other standing FHA mortgage guidelines, the Back to Work program is now available nationwide through FHA-approved lenders. Once participating lenders determine that mortgage applicants meet all eligibility and policy criteria, the same 3.5 percent minimum FHA down payment requirement will apply. Mortgage insurance and closing costs will also apply.

Only one FHA program is ineligible for the Back to Work program: reverse mortgages.

For more information about FHA "Back To Work" Program the Question & Answer form is link

above.

Thank You,

HOPE Team

HUD Approved Housing Counseling Agency.

Visit Our Wedsite at HOPEfinancial.org

Monday, October 1, 2012

Don't Wait Until It's Too Late #Foreclosures

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There's a new post on Mdhousing's blog, The Foreclosure Process Made Simple: Chart Gives Consumers Clear Guide to Their Rights and Responsibilities.

Baltimore - The Maryland Housing Counseling Network, Inc. has a consumer-friendly chart of the state's foreclosure process, outlining in a clear, easy-to-follow format what homeowners who are behind in their mortgage can expect from lenders and matching each step in that process with what homeowners can do to get help.

The chart helps illustrate the importance of seeking counseling through the state's MD HOPE Counseling Network as early in the process as possible; and of opting-in for foreclosure mediation through the Office of Administrative Hearings. Here's how.

Maryland was one of the first states to give homeowners that option, in the hopes of encouraging lenders to work with families to find sustainable alternatives to foreclosure.

However, it should be noted that the chart does not include early mediation, the newest step in the foreclosure process. Early mediation, which goes into effect Oct. 1, gives homeowners in financial trouble the option to seek mediation before lenders take them to court. The goal is to bring the parties to the negotiating table even earlier in the process, when more options may be available.

Early mediation was one of three key measures recommended by Governor O'Malley's foreclosure task force and passed this year by the legislature by wide bipartisan margin. The legislature also established a statewide foreclosed property database and a tax credit for families that buy a foreclosed property as their principal home.

Taken together, the measures reflect the Maryland Foreclosure Task Force's dual strategy for coping with what it called the "harsh reality" that the crisis will continue for some time - the new measures give beleaguered homeowners additional time to find alternatives to foreclosure and they give state and local governments new tools to help neighborhoods rebound from the blight of vacant and foreclosed properties.

The measures also build upon the sweeping reforms enacted under Governor O'Malley's leadership since 2007 in response to the most severe national housing crisis since the Great Depression. Maryland foreclosures peaked during the fourth quarter of 2009 and have been declining ever since. But foreclosures have inched up in recent months as lenders adjust to regulatory reform and the state's housing market gets stronger.

Subscribe to Community Review, the official blog of the Maryland Department of Housing and Community Development,to get the latest in housing and community development news.