My HOME/My HOME II Programs in Prince George's County, MD Downpayment and Closing Costs Assistance Program
For First Time Homebuyers
Comparison At-A-Glance
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MY HOME
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MY HOME II |
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LOAN AMOUNT Up to 5% of Purchase Price
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LOAN AMOUNT Up to $20,000 |
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INCOME LIMIT 80% Area Median Income (AMI)
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INCOME LIMIT 120% Median Area Income (AMI)
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ELIGIBLE AREAS Entire County
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ELIGIBLE AREAS 20706, 20737, 20743, 20744, 20745, 20746, 20747, 20748, 20772, 20774, 20784, 20785
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ELIGIBLE PROPERTIES Any residential property including resales, foreclosures, short sales, and new construction. Foreclosures require 1% discount from appraisal completed within 60 days
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ELIGIBLE PROPERTIES Any residential property including resales, foreclosures, short sales, and new construction. Foreclosures require 1% discount from appraisal completed within 60 days
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LOAN TERMS Deferred payment. If purchaser remains in home for 10 years loan, is forgiven. Must remain primary residence.
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LOAN TERMS Deferred payment. Purchaser must pay back the My Home II loan in full when house is sold or transferred, regardless of length of residency. Must remain primary residence. |
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PURCHASE PRICE LIMITS $295,000 (resales) $370,000 (new construction)
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PURCHASE PRICE LIMITS Up to 80%AMI same limits as My HOME 81% to 120% of the AMI No cap on purchase price, however applicant must meet My Home II Program DTI standards.
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DEBT REQUIREMENTS 45% Back End
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DEBT REQUIRMENTS 33% Front End; 43% Back End
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BUYER’S MINIMUM CONTRIBUTION
1.75% of purchase price or 50% of liquid assets over $3,000 (whichever is greater).
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