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

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

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

5836 E. Boniwood Turn, Clinton MD 20735 - For Sale!

Down Payment & Closing Cost Help for First Time Home Buyers

This post is a list of the programs that the State of Maryland and District of Columbia offers for first time home buyers.  The link opens a new web page for the program web site.

CDA, DSELP, HK4E: The Maryland Mortgage Program

MD Home Programs Web Site: A list of all available programs in MD

Buy Suitland Program

DC Opens Doors

DC HPAP

DC Tax Abatement Program - No Link.  Just check with your title company to see if you qualify.

What's most important is having a loan officer who is well versed and has experience in offering the programs.  In addition to these programs different mortgage companies may have their own programs to offer.

You should trust that your real estate professional, ME, has referrals for loan officers that have your best interest at heart.

GOOGLE ME - Angel S.

Everyone Has Questions About HAFA and HAMP

Home » Programs » View All Programs

 View All Programs

Get real help, real answers, right now. Whether your home value has fallen, you owe more than your home is worth, you're experiencing financial setbacks or you've become unemployed, Making Home Affordable is your best option for solving your home finance challenges.

"There are more solutions for homeowners today than there have ever been."

Gary - GMAC Mortgage

MHA options include:

• Home Affordable Modification Program (HAMP^®)
• Principal Reduction Alternative SM (PRA)
• Second Lien Modification Program (2MP)
• FHA Home Affordable Modification Program (FHA-HAMP)
• USDA’s Special Loan Servicing
• Veteran’s Affairs Home Affordable Modification (VA-HAMP)
• Home Affordable Foreclosure Alternatives Program (HAFA)
• Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP)
• Home Affordable Refinance Program (HARP)
• FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)
• Home Affordable Unemployment Program (UP)
• Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HHF)

 

Key Terms on This Page:

Mortgage Modification, Principal Reduction, Second Lein, Refinance

Last Updated: 6/15/2012 3:03 PM

Buy Suitland Program Workshop in July

Date:               Saturday, July 28, 2012

Time:               11:00 am to 12:30 pm

LOCATION:            Centro D Apoyo Familiar (CAF)

6801 Kenilworth Ave Suite 201

Riverdale MD 20737

Facilitator:  James Adamson, 1^st Mariner Bank

rsvp required:  hstokes@co.pg.md.us

There is no fee for the class.  Attendees will receive your certificate of completion at the end of the workshop.

 REGARDS,
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Yetta Stokes

Sr. Processor

My HOME/BUY SUITLAND Programs

Prince George's County Department of Housing & Community Development

301-883-7409 ofc.

301-883-5291 fax

www.princegeorgescountymd.gov/MyHOME   

www.princegeorgescountymd.gov/BUYSUITLAND

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.

My HOME Program Guidelines

Prince George's County My HOME Website

Got Grant Money? Get Some by Attending this Home Buyer Workshop.

Are you interested in buying a home?

Now is a good time as any to buy a home!

JUST $25.00 for this 8-hour interactive homebuyer workshop

Workshop topics will include:

ü Getting financial fit to buy a home

ü Understanding why credit is important

ü Will the bank say YES?

ü Where to find free down payment money…sort of

ü Shopping for a home

ü The daunting closing documents and procedures

ü I got my dream home - now what??

ü How do I protect my investment

Location and Time

Toll Brothers Marlboro - Ridge Community Center
11401 Marlboro Ridge Road
Upper Marlboro, MD
Saturday, February 25, 2012
9am to 5pm

**Lunch will be served**

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

TO REGISTER: have your client call today - Cherelle Silue at 301-322-5700 ext.119

Call today space is limited!!

Neighborhood Stabilization Program Launch

Prince George's County NEIGHBORHOOD STABILIZATION PROGRAM (NSP)Down Payment Closing Cost Assistance Program

Program Fact Sheet What is the program about? How Could it Benefit You?
"Down Payment on Your Dream" assistance is in the formof deferred loans. There are several scenarios for the "DownPayment on Your Dream" loans:
Down payment and closing costs assistance to purchase a vacant foreclosed home.

The lesser of 3.5% of the purchase price or $15,000to purchase a vacant foreclosed property in one of33 eligible zip codes. 20607, 20608, 20705, 20710, 20715, 20720, 20721, 20613, 20722, 20623, 20735, 20740, 20769, 20770, 20781, 20782, 20784, 20707, 20712, 20745, 20737

The lesser of 7% of the purchase price or $20,000to purchase a vacant foreclosed property in one of12 targeted zip codes. DPCCA Target Areas are defined as:· Bowie (20716)· Capitol Heights (20743)· District Heights (20747)· Fort Washington (20744)· Hyattsville (20783, 20785)· Lanham (20706)· Laurel (20708)· Temple Hills (20748)· Suitland (20746)· Upper Marlboro (20772, 20774)

The lesser of 7% of the purchase price or $20,000to purchase a vacant foreclosed property in one of33 eligible zip codes as workforce housing. Workforcehousing is defined as foreclosed upon propertieslocated in one of 33 zip codes, purchased by teachers,police officers, nurses, firefighters, OR employeespurchasing a home within a 3 mile radius of placeof employment.
Who can participate?

First time home buyers only or cannot have owned a home anywhere in the last three years.
A household with income at or below 120% of the area median purchasing a vacant foreclosed property in eligible zip code.

What are the Steps? CALL The Godfrey Realty Group- Angel S. Brown 240-737-5052

1. I can identify and provide you with a list vacant foreclosedproperties in eligible areas.
2. I can provide you with an NSP approved lending Professional to get you pre-approved.
3. Attend an 8-hour housing counseling course providedby a HUD Certified Housing Counseling Agency.
4. We will work together to help you find a vacant Foreclosed Home of your Choice! 5. Submit Contract to lender that has been accepted by the bank.
7. Settle on your NEW HOME!!!

Workforce HousingWorkforce housing is defined as homes purchased by teachers, police officers, nurses, firefighters, and employees working within a 3 mile radius of place of employment.
LOAN TO VALUE REQUIREMENTThe total of the first mortgage loan plus the DPCCA loan cannot exceed 105% of the appraised value of the home to be purchased.

MAXIMUM LOAN AMOUNTThe DPCCA loan cannot exceed the lesser of 7% of purchase price, or $20,000 for the purchase of a foreclosed home (bank owned) in a Neighborhood Stabilization Program Target Area OR the purchase of a home for workforce housing. The DPCCA loancannot exceed the lesser of 3.5% of purchase price, or $15,000 for the purchase of a foreclosed home (bank owned) in a Neighborhood Stabilization Program Non- Target Area.

MAXIMUM LOAN TERMThe DPCCA affordability loan term is 10 years.
INTEREST RATEThe interest rate will be 0%.

REPAYMENT REQUIREMENTS1. The DPCCA loan will be a deferred payment loan, secured on the property as asecond trust, with the balance due determined by length of time the purchasersremain in the home.

2. The amount of the DPCCA due or forgiven is based on the following:If the Purchaser Remains in their home for

(As % of Total DPCCA Received)0-3 years all funds received will need to be repaid at 100%3-6 years funds received will need to be repaid at 50%6-9 years funds received will need to be repaid at 30%10+ years all funds received will need to be repaid at 0%