Prince George's County "My Home Program" for PG County First time home buyers. I have been hearing about this program for a while. But FINALLY IT IS HERE. The PG County "My Home Program" is similiar to the popular first time home buyers program NSP that helped many first time home buyers in PG County buy a home last year. What is the "My Home Program"? It is a loan assistance program to purchase any property in Prince George's County MD.
Unlike last year's NSP Program that was restricted to only certain zip codes in PG County MD,the "My Home Program" is geared towards all zip codes within PG County.
Here is what you need to know about the PG County "My Home Program"
LOAN AMOUNT
Up to 5% of the final purchase price. Recipients of the "My Home Program" must contribute 1.75% of the final purchase price or 50% of liquid assets over $3,000 whichever is greater.
PROGRAMS ACCEPTED
FHA
VA
CONVENTIONAL
Maryland Mortgage Program
203K Streamline
Note: If other programs are used,My home funds will be utilized when need is demonstrated.
LOAN TERMS
What are the terms of the MY HOME payment on your loan?
My HOME loan term is 10 years.
The interest rate of the My HOME loan will be 0% with deferred payment. However in the event of a default,the outstanding balance will accrue interest at a rate of 5.75%. OTHER REQUIREMENTS include purchasing this home as your primary residence for the entire term which is 10 years.
HOUSEHOLD SIZE 80% AREA MEDIAN
1 $58,000
2 $66,200
3 $74,500
4 $82,800
5 $89,400
6 $96,000
7 $102,700
8 $109,300
All lenders must complete the My HOME training to participate in the program.
Any real estate professional licensed by the State of Maryland is encouraged to complete the My HOME training.
Next blog I am going to be talking about the Steps towards getting started the PG County "My Home Program"
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