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Buy Suitland 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






Program Overview


Buy Suitland Program is a homeownership assistance loan to income eligible, first-time homebuyers The program is designed to encourage and promote homeownership opportunities in the area anchored by the Suitland Federal Center, the Suitland Metro Station and the Suitland Manor Redevelopment project. The prospective property must be located in one of the following census tracts: 8018.02, 8019.02, 8020.01, 8020.02, 8021.05, 8024.05, 8024.06. PLEASE NOTE: Not all properties in the Suitland zip code (20746) are eligible. To verify the property eligibility, go to: http://www.ffiec.gov/geocode/default.aspx


Who is eligible for this program?


Borrower must be approved for a first mortgage by a participating lender. Borrower must meet one of 3 categories for eligibility. There are 3 eligibility options to use the program: (1) applicant has total household income between 50-120% of the Washington, D.C. area median income; (2) applicant is currently employed at the Suitland Federal Center or is a police officer, firefighter, nurse or teacher; (3) applicant has a total household income of 50% or below the Washington, D.C. median area income.

Income eligible first-time homebuyers must purchase a vacant foreclosed, short sale, or 60-day delinquent single family house, townhome or condominium in the Suitland Neighborhood Stabilization Program Round 3 target area. The 15-year loan can help pay for down payment, closing costs and/or mortgage principal reduction.
Maximum % of Sales Price: 35%
HUD Median Income Limits: 120
Household Income Limit: $ 170300
Is this program for first time buyers only? Yes


Property Eligibility Requirements


The prospective property must be located in one of the following census tracts: 8018.02, 8019.02, 8020.01, 8020.02, 8021.05, 8024.05, 8024.06.

The sales price cannot exceed $ 625500.

Allowable property types: single family, townhouse, condominium


Benefit Details


There are 3 options to use the program: (1) Up to 5% of the purchase price if the applicant has total household income between 50-120% of the Washington, D.C. area median income; (2) Up to 7% of the purchase price of the home if the applicant is currently employed at the Suitland Federal Center or is a police officer, firefighter, nurse or teacher; (3) Up to 35% of the purchase price of the home (or $40,000, whichever is greater, as needed) to meet the 45% debt-to-income requirement, if the applicant has a total household income of 50% or below the Washington, D.C. median area income.

Benefit: 15 year loan at 0% annual interest rate
Loan Term:15 years years
Homebuyer Counseling /
Education Required:
yes
Owner Occupancy Required:0

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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