First Time Homebuyer Grant in Prince Georges County, Maryland BUY SUITLAND
Buy Suitland is the newest homeownership initiative in Prince Georges County, MD. Suitland is the home to the Suitland Federal Center, a huge complex that houses over 12,000 employees.
A First Time Homebuyer for this program is someone who has not owned a home in Maryland for at least 3 years. Everyone on the loan must meet this definition. The homebuyer will have to meet both the loan and the program income requirements. For the program, the income of everyone in the household over 18 who will be living in the home will be considered, even if they are not on the loan.
To qualify the property MUST be a foreclosure or a short sale and you must live in it as your primary residence. If you are interested in a multi-units or a co-ops, you will need to look elsewhere for down payment assistance.
There are 7 census tracks that qualify, so not all of Suitland's 20746 zip codes are included in this program. Depending on the household income, first time homebuyers can qualify for up to 5%, up to 7%, or even up to 35% (as long as it is $40,000 or less) of the purchase price.
This program is NOT a forgiveable loan. There will be 0% interest and Zero Payment on the grant money. If you sell or refinance within 5 years, you will owe 100% of the grant at closing. At 5-15 years, 70%, and over 15 years 50% of the grant money will come due and payable if you sell or refinance.
BUY SUITLAND is a great ground floor opportunity to own in "PG County's next Renaissance Area". Per the PG County rep, a developer is expected to be awarded the contract for the rehabilitation of Suitland Manor into a mixed use town center. The county has been working on this project for 10 years and expect it to take approximately 5 years to full completion.
You can find out more information about the program at www.princegeorgescountymd.gov/buysuitland
If you are interested in learning more about BUY SUITLAND and first time buyer grants in Prince Georges County Maryland, give me a call. I am happy to help!
First Time HomeBuyer GRANT in Prince Georges County, Maryland BUY SUITLAND
Comments(2)