Yesterday I wrote a blog called Prince George's County "My Home Program" for PG County first time home buyers.
At the end of the blog I stated that I am going to talk about the steps towards getting started to receive the PG County "My Home Program". So if you are interested in this program,here is what you need to do.
1. Contact a My Home Program Participating Lender to pre-approved for a first mortgage.
2. Attend an 8 hr housing counseling course provided by a HUD Certified Housing counseling Agency.
3. Contact your PG County real estate agent to identify eligible properties for sale within pg county.
4.Work with a real estate agent to place a contract on a property that you can afford and for which you can be pre-approved.
5. Make sure that your monthly Debt to Income Ratio does not exceed 43%. My HOME will not approve your loan if it does.
6. Familiarize yourself with the Housing Quality Standards (HQS) Inspection Requirements posted at www.princegeorgescountymd.gov/MyHOME.
7. HQS Repairs must be made prior to closing or borrower must obtain a FHA 203K Streamline first mortgage.
8. If Borrower is using a FHA 203K Streamline loan program make sure lender,contractor and borrower are familiar with My HOME contractor requirements.
9. Return to participating lender with sales contract and apply for mortgage and "My HOME" loan.
10. Work with your lender to receive approval for first mortgage and submittal and approval of your My HOME Application. My HOME will not accept an application from a Participating Lender unless there are at least 21 business days remaining on the contract term.
Settle on your new home!!!
Next blog is going to be about questions that you will need to answer to determine whether you are qualified to receive the PG County "My Home Program"
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