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My HOME Program
Prince George's County Housing & Community Dvlpt.
http://www.co.pg.md.us/government/agencyindex/hcd/

Contact


Rosalyn B. Clemens
Department of Housing & Community Development 9201 Basil Court, Suite 155
Largo Maryland 20774
301-883-5456



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Program Overview


My HOME Program is a loan for up to 5% of the sales price for home purchase assistance to eligible first-time homebuyers to purchase owner-occupied or vacant residential properties anywhere in Prince George's County. Home purchase assistance includes down payment and/or mortgage principal reductions costs and/or closing costs. The program can be used anywhere in Prince George's County.


Who is eligible for this program?


Applicants must be first-time homebuyers and must not have owned residential real estate anywhere during the 3 years immeditely preceding the date of application to the program. Applicants must be credit worthy and able to qualify for the mortgage through a participating lender. The maximum debt to income ratio is 45%. Recipients must contribute 1.75% of the final purchase price or 50% of liquid assets over $3,000, which ever is greater. Applicants for the program must have a gross anual household income at or below 80% of the Washington, D.C. area median, adjusted for family size. To determine eligibility, go to: https://webapps1.hud.gov/hfc/calculator

Funds may be used for down payment, mortgage principal reduction and/or closing costs.
Maximum % of Sales Price: 5%
HUD Median Income Limits: 80
Household Income Limit: $ 112100
Is this program for first time buyers only? Yes


Property Eligibility Requirements


The property must be located in Prince George's County.

The sales price cannot exceed $ 362790.

Allowable property types: new construction, resales, foreclosures, short sales


Benefit Details


Eligible applicants can borrow up to 5% of the final sales price at an annual interest rate of 0%.

Benefit: The program provides a 10-year loan for up to 5% of the sales price at an interest rate of 0% to eligible first-time homebuyers to purchase owner-occupied or vacant residential properties anywhere in Prince George's County. Home purchase assistance includes down payment and/or mortgage principal reductions costs and/or closing costs.
Loan Term:10 years years
Homebuyer Counseling /
Education Required:
Yes
Owner Occupancy Required:Yes
Other Program Comments:Applicants must contribute 1.75% of the final purchase price or 50% of liquid assets over $3,000, whichever is greater.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.



For more information about this and other homebuyer programs please contact one of the following:

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