As a result of the current market in Prince George’s County many are able to buy their dream home at a discount. Mind you we are not seeing dream homes valued at $500,000 going for $5,000. Though a $5,000 home purchase are possible, the Prince Georges County home market has not hit rock bottom prices. You are more likely to see a dream home for a first time buyer. Even better you might be a first time investor looking to buy a second home and looking to turn your current property into a rental property. The big picture is there are great opportunities out there for buyers. Here are some quick details about some of the Prince George County Programs using government programs.
What is the Prince George’s “Down Payment on Your Dream” Program?
The “Down Payment on Your Dream” program is one were buyers can get closing assistance to purchase a vacant foreclosed home in Prince Georges County. This is a program for first time home buyer program in Prince George’s county aimed to help stabilize the community. With roughly 15,000 home listed there are a significant number of homes available in Prince George’s county. This Dream Home Down Payment Program is looking to help move the properties.
Who is truly eligible for the Prince George’s “Down Payment on Your Dream” Program?
The “Down Payment on Your Dream” program is for the first time home buyers. It is sad that the programs are not set to help all those whom want to buy a home. I have one client that is a first time home buyer in the state. But the fact is that this client owned a home two years ago in another state. For this “Down Payment on Your Dream” you must not have owned a home over the last 3 years. The program works with a list of approved lenders and realtors. You can be certain to contact those professionals to get more details. On additional requirement of the “Down Payment on Your Dream” program is an 8 hours counseling session. You must attend this housing counseling course provided by a certified HUD service provider.
How can you use the Prince George’s “Down Payment on Your Dream”?
The “Down Payment on Your Dream” program is one where you can get closing cost assistance to purchase vacant homes. This closing cost assistance is the lesser of 3.5% of the purchase prices or $15,000 in one of the 33 eligible Prince George’s county zip codes. The program extends to 7 the lesser of 7% of the purchase prices or $20,000 in one of the 12 eligible Prince George’s county zip codes.
What terms are there for Prince George’s “Down Payment on Your Dream”?
The “Down Payment on Your Dream” program is a great program if you plan to stay in your home for a good amount of time. The program has a 0% interest loan with deferred payment. You must stay in the home 10 years. The “Down Payment on Your Dream” home loan has a declining repayment scale that works with home ownership. The longer you stay in your dream home the less you pay back on the “Down Payment on Your Dream” loan. If you stay in you home 10 years you pay back nothing at all.
My take at least try for the down payment on your dream home. With all the incentive offers it is a great time to buy a home today.