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Down Payment Assistance Programs in Prince George's County, MD

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Real Estate Agent with Keller Williams Realty Centre DRE# 646236

PG County Down payment Assistance Programs

Down Payment Assistance Programs In Prince George's County, MD

Now is an exciting time to buy a home in Prince George's County. In October of 2013 the County announced that they have $8 million in funding over the next 2 years for these programs.  

First time home buyers can take advantage of the County's My Home programs, in which buyers can receive down payment and closing costs assistance when purchasing a property in Prince George's County.

To be eligible you must be a first-time home buyer or have not owned a home in Maryland in the last three years.

Here is an overview of the My Home and My Home II programs:

My Home

  • You can receive a deferred payment loan of up to 5% of the purchase price. 
  • If you maintain the home as your primary residence for 10 years the loan is forgiven and does not have to be repaid.
  • This program is eligible for all residential properties that are located in Prince George’s County. 
  • To be eligible to receive the loan your income must be below 80% of the Area Median Income (AMI).  (see chart below).
  • Purchase price must be less than $295,000 for resales and $370,000 for new construction homes.

My Home II

  • You can receive a deferred payment loan of up to $20,000. 
  • You must maintain the home as your primary residence and the loan must be paid in full when the house is sold or transferred.
  • This program is eligible for residential properties that are located in the following zip codes in Prince George’s County: 

20706, 20737, 20743, 20744, 20745, 20746, 20747, 20748, 20772, 20774, 20784, and 20785. 

  • To be eligible to receive the loan your income must be below 120% of the Area Median Income (AMI). (see chart below).
  • If your income is at or below 80% of AMI the purchase price guidelines are the same as the My Home program. 
  • If your income is 81% to 120% of AMI there is no limit on the purchase price, however, you must be able to meet the debt requirements that are set by the My Home II program.

Both programs require a buyer’s minimum contribution of 1.75% of purchase price or 50% of liquid assets over $3000 (whichever is greater).

Ex: If you have $14,000 in liquid assets your required contribution would be $5,500 ($14,000 - $3,000 ÷ 2)

Loan Programs Accepted with My Home and My Home II

  • FHA
  • VA
  • Conventional
  • Maryland Mortgage Programs
  • 203k Streamline

Income Limit Charts  

Household Size

My HOME          80% Area Median

My HOME II         120%  Area Median

1

$60,200

$90,150

2

$68,800

$103,000

3

$77,400

$115,900

4

$86,000

$128,750

5

$92,900

$139,050

6

$99,800

$149,350

7

$106,650

$159,650

8

$113,950

$169,950

  

Thinking About Buying a Home? 

Click here if you would like to schedule a FREE (no obligation) Home Buyers Consultation.  To begin searching for your new home in Prince George's County visit my website.

 

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