Need a Downpayment for Maryland Real Estate? No problem!
If youre interested in buying Laurel real estate or Prince Georges County, Maryland real estate, youll be happy to hear the community is offering assistance programs to help you move in faster! Announced July 9, 2009, the County Department of Housing and Community Developments “Downpayment on Your Dream” initiative will provide downpayment and closing cost assistance to eligible homebuyers. Not only will the program help aspiring homeowners with the short-term costs associated with homeownership, but it will also help the area get rid of some of the foreclosed housing inventory. “Homeownership by Prince Georgians is a high priority for my administration,” County Executive Jack Johnson told The Washington Continent. “The downpayment on Your Dream program is a way for the county to help our citizens to share in and experience a part of the American Dream " owning a place to raise a family and become part of a community.” He adds that this Maryland real estate initiative is the result of a positive work relationship between the U.S. Department of Housing and Urban Development (HUD), the Maryland Department of Housing and Community Development, lending institutions, house counseling agencies and community partners.
Part of Laurel real estate is included in this Neighborhood Stabilization Program, which will put a $12.8 million NSP grant toward subsidizing upfront costs for eligible first-time homebuyers or people who have not owned a home in 3 years or more. Qualified buyers will be offered 0% interest on their deferred payment loan if they stay in the home for 10 years. As long as homebuyers stay in the residence for 10 years, they are not obligated to repay the grant money. There are two different offerings available to applicants: 3.5% of the purchase price or $15,000 and 7% or $20,000, whichever is less.
To be eligible for this Maryland real estate program, homes must be located in one of the following thirty-three targeted zip codes: 20607, 20608, 20705, 20710, 20715, 20716, 20720,20721, 20613, 20722, 20743, 20623, 20735, 20740, 20747, 20744, 20769, 20770, 20781, 20782, 20783, 20784, 20785, 20706, 20707, 20708, 20712, 20745, 20737, 20746, 20748, 20772, 20774. To receive the higher award for Maryland real estate, applicants must be purchasing the property as part of workforce relocation (teachers, police officers, firefighters or nurses) and work within 3 miles of the vacant home. Another way to receive the highest amount is to look for a home in one of the 12 most-targeted zip codes: 20716, 20743, 20747, 20744, 20783, 20785, 20706, 20708, 20746, 20748, 20772 or 20774.
Income requirements and limits for this Maryland real estate and Laurel real estate initiative are: $21,550 – $86,600 for a single person; $24,650 – $99,000 for a couple; $27,700 – $111,300 for a family of three; $30,800 – $123,700 for a family of four; and $33,250 – $133,600 for a family of five. These figures are calculated as no more than 120% of the areas median income.
“We have to revive our neighborhoods,” said James Johnson, Acting Director of the DHCD. “The Downpayment on your Dream program is the first step in stopping the erosion of property values caused by foreclosures and the perfect way to keep Prince Georges County a Livable Community.”
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