pg county homebuyers program

MMP: Short Sale Sellers are in luck too!

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Buying a home in the state of Maryland? Planning to purchase in Capitol Heights, Brentwood, Cole Manor, Fairmont Heights, Mt. Rainier, or Seat Pleasant, Landover, Palmer Park, Glenarden, or Langley Park? You could receive closing and down payment assistance whether you are a first time homebuyer or not. The Community Development Administration (CDA) of the State of Maryland provides the MMP to offer a loan programs with low interest rates and down payment and closing assistance. Today (April 19, 2013) the APR for a FHA loan is 4.082% and 4.229% for a conventional. The Downpayment and Settlement Expense Loan Program offers consumers a deferred loan of $5,000 at no interest. Deferrable, in this case, means the loan is repaid when the property is resold. This assistance could help you purchase a home with very little of your own money upfront. Be aware, income and purchase price limits do apply.

Even more assistance can be obtained through the CDA’s Partners Match Programs, House Keys 4 Employees, Builder/Developer Incentive Program, and the Community Partners Incentive Program.

There are many approved lenders that offer the Maryland Mortgage Program. Click here for a list.

More information on the MMP can be found at www.mmprogram.org or Contact me and my lender partners will provide you with you information you seek,

PG county’s My Home Program

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Are you a first-time home buyer? Are you planning to purchase in Prince George’s County? Make sure you check out the My Home program. This program will assist with the down payment, reduce the mortgage principal, and/or assist with closing costs. Along with being an owner-occupant and being a first-time buyer, purchasers need to be credit worthy and attend a 8-hour housing counseling class provided by a HUD certified housing counseling agency.¬†Borrowers are eligible to borrow up to 5% of the purchase price for a 10 year term. The kicker is that the loan is offered at 0% interest. The loan is also deferred, meaning there are no monthly payments! The balance is due upon sale or transfer of the property or when the owner ceases to occupy the property. This program is excellent for renters looking for a route to home ownership. For more information on this program, click here.¬†There are many alternatives to saving a large down payment. Contact me and I’ll find something that meets your needs!