There are funds available to help first-time home buyers purchase a home in Prince George's County. These funds are in the form of 0% interest deferred loans that can be used towards down payment or closing costs on the purchase of a home.
The requirements of the program include:
- Purchase of a vacant foreclosed home
- Home must be located in an eligible zip code
- Purchaser must be a first-time home buyer or not have owned a home in the past 3 years
- Household income at or below 120% of the median household income for the area
- Work with a participating lender and complete a home buyer counseling course
- Most stay in the home for 10 years to avoid loan repayment
- The lesser of 3.5% of the purchase price or $15,000 to purchase a vacant foreclosed property in one of the eligible zip codes.
- The lesser of 7% of the purchase price or $20,000 to purchase a vacant foreclosed property in one of the targeted zip codes.
- The lesser of 7% of the purchase price or $20,000 to purchase a vacant foreclosed property in one of the 33 eligible zip codes as workforce housing. Workforce housing is defined as foreclosed upon properties located in one of 33 zip codes, purchased by teachers, police officers, nurses, firefighters, OR employees purchasing a home within 3 mile radius of place of employment in an eligible zip code.
|
|
1 Person |
2 People |
3 People |
4 People |
5 Persons |
6 Persons |
7 Persons |
8 Persons |
|
Income Requirement |
$86,250 |
$98,600 |
$110,900 |
$123,250 |
$133,100 |
$142,950 |
$152,800 |
$162,700 |
20607 20608 20613
20623 20705 20706*
20707* 20708* 20710
20712 20715 20716*
20720 20721 20722
20735 20737 20740
20743* 20744* 20745
20746* 20747* 20748*
20769 20770 20772*
20774* 20781 20782
20783* 20784 20785*
* target zip codes
If you are ready to buy a home in Prince George's County give me a call. I would be happy to help you and to help you determine whether you qualify for this down payment and closing cost assistance.
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