Time Home Buyer In Prince Georges Can get Up to $20,000 in Down payment &
Closing Cost Assistance.
Home ownership Simplified: Keji @ 301-613-2043
As you might have heard through the grapevine, MyHome II has just been rolled out as of today which is exciting news for prospective home buyers in Prince George's County.
Here are some of the details of the program.
* The program will help buyers with $20,000 to be used towards down payment or closing costs. Absolutely no cash back is allowed back to the buyer at closing.
* The $20,000 is in the form of a deferred payment loan secured as a second trust against the property and due upon sale or transfer of the property
* There are no minimum credit score requirements although many lenders requires a 620 credit score
* The maximum debt to income ratios are 33/43 (absolutely no exceptions will be made for a buyer with a debt ratio over 43%)
* Buyer must be a first time home buyer defined as not having owned a home in the past three years
* Buyer must occupy the property for a minimum of 3 years
* A HQS (housing quality standards) inspection must be done PRIOR to closing.
Since any repairs that come up on this inspection have to be done prior to closing, this program is not a match for properties sold through short sale or foreclosure since the bank will rarely do repairs to the property.
* Buyer must contribute 1.75% of the purchase price or 50% of liquid assets, whichever is greater.
* For households with income below 80% of the median income limit, the maximum purchase price is $313,000 and for households between 80.01% and 120% of the median income limit there is no maximum purchase price.
* Buyer must purchase in the following zip codes: 20706, 20710, 20722, 20737, 20743, 20744, 20745, 20746, 20747, 20748, 20772, 20774, 20784 and 20785.
* Foreclosure sales require 1% discount from the appraised value of the appraisal completed within 60 days from the ratified contract.
* Buyer must take a home buyer education course for 8 hours in person
* Household income cannot exceed 120% of the median income limits as follows:
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Keji & Associates of Fairfax Realty is a team of licensed agents working daily to get homes sold for our clients in all parts of the metro area. We delight our clients by delivering world class service every step of the way and we strive to create a win-win situation this is all part of our values and beliefs. Contact us @ 301-613-2043, email email@example.com or visit our website www.metrohomesrealty.com