The "My HOME" Down Payment and Closing Cost Assistance Program

The "My HOME" Down Payment and Closing Cost Assistance Program

in Prince George's County, MD 

If you are a first-time homebuyer needing assistance with down payment and closing cost in Prince George’s County, MD, this information will be of interest to you! The “My HOME” program is a key housing policy strategy used to provide affordable homeownership for low, moderate and middle income households in Prince George's County, MD.  Please keep in mind that this Federally Funded program is based on a demonstrated need.
 

In order to get started, you must follow the steps below:

• Contact a My HOME Program Participating Lender, to get pre-approved for a first mortgage loan only. This pre-approval comes after a review of your credit and income, generally provides a benchmark amount of what the bank will lend you to purchase a house, and is subject to final underwriting and approval. PLEASE NOTE: a participating lender cannot approve you for the My Home program nor does pre-approval for a first mortgage by a participating lender does not guarantee approval of your application for a My HOME Loan.

• Contact your real estate agent to identify properties in the eligible in Prince George’s County.

• Attend an 8-hour housing counseling course provided by a HUD Certified Housing Counseling Agency.

• Attend a My HOME 203K Workshop, only if you are applying for an FHA 203K Streamline loan.

• Familiarize yourself with the Housing Quality Standards Inspection Requirements to ensure the house you place a contract on does not have any deficiencies or can be repaired with the maximum allowable under an FHA 203K Streamline loan (maximum of $35,000).

• Work with a real estate agent to place a contract on a residential property that can pass the HQS inspection or can be repaired with an FHA 203K Streamline loan. MAKE SURE THAT THE CONTRACT IS FOR AT LEAST 60 DAYS.

• When you have successfully negotiated and ratified a contract to purchase a residential property, contact the Participating Lender who pre-approved you so they can submit your file to underwriting. The Participating Lender must obtain a conditional approval for your 1st trust loan before the lender can submit your application to the My HOME Program.

• Schedule or request that your lender schedule your HQS Inspection with APC as soon as your contract is ratified.

• Monitor processing time of your application by the Participating Lender. The My HOME Program will not accept an application from a Participating Lender unless there are at least 21 business days remaining on the contract term or an amendment in place extending the contract.

• Work with your lender to complete loan package, underwriting and address issues necessary to receive approval for the first mortgage and submittal of your My HOME Application.

• PROVIDE ALL REQUESTED INFORMATION TO THE PARTICIPATING LENDER, REALTOR, TITLE COMPANY IN A TIMELY MANNER.

• Settle on your Home!!!!

To learn more, click the link: http://www.princegeorgescountymd.gov/sites/RedevelopmentAuthority/Services/MyHome/Pages/default.asp

If you are thinking of buying or selling, call me today at 301-502-2669 or email me at dwpettis@aol.com, or visit my website: www.diana4yourhomesdesire.com. I am called to serve. So go ahead, give me a call, and see for yourself!