The Government of Prince Georges County is offering qualified buyers of vacant foreclosed properties up to $20,000 for down payment and closing cost.

The money is part of the Neighborhood Stabilization Program or NSP.

This part of the NSP is called the Down Payment On Your Dream.  It has three possible scenarios:

The lesser of 3.5% or $15,000 of the purchase price of a vacant foreclosed property in one of 33 eligible zip codes.

The lesser of 7% or $20,000 of the purchase price of a vacant foreclosed property in one of 12 targeted zip codes.

The lesser of 7% or $20,000 of the purchase price of a vacant foreclosed property in one of 33 eligible zip codes as workforce housing.  Workforce housing is defined as foreclosed upon houses in the 33 eligible zip codes, purchased by teachers, police officers, nurses, firefighters, Or employees purchasing a home within a three mile radius of place of employment.

What are the terms of Down Payment On Your Dream loan?:

0% interest deferred payment loan

Must be primary residence for at least 10 years

Loan repayment requirement declines the longer purchaser remains in the home

No repayment if purchaser stays in home for 10 years or more.

Who is this program for?:

First time home buyers only or can not have owned a home anywhere in the last three years.

Ok, there you go.  More reason to buy a home now.  Don't forget, this does not impact the federal government giving you an $8000 tax credit at the end of the year.

Now is the best time to buy Maryland real estate.

The 33 eligible zip codes are:

20607,20608,20613,20623,20705,20710,20715,20716,20720,20721,20722,20743.20735,20740,

20747,20744,20769,20770,20781,27082,20783,20784,20785,20706

20707,20708,20712,20745,20737,20746,20748,20772,20774

The 12 highlighted zip codes above are target zip codes.  Prince Georges County have designated these 12 zip codes as areas where buyers can get up to the lesser of 7% or $20,000 of the purchase price.

Potential buyers of Laurel real estate will note that both Laurel Md zip codes are part of the Down Payment On Your Dream loan prgram.  In fact, Laurel zip code 20708 is one of the targeted zip codes.

The Neighborhood Stabilization Program (NSP) and its Down Payment On Your Dream loan program make buying a home very affordable.