First time home buyers in Prince George’s County have easy access to money to buy a home through the MyHome Programs. And, these grant programs can also be used with 203k streamlines loans so it helps when the property is in need of repair.
Here are some highlights of the program:
MY HOME II
* Loan amount up to $20,000 based on 120% area median income
* Zip codes restricted to 20706, 20737, 20743, 20744, 20745, 20746, 20747, 20748, 20772, 20774, 20784 and 20785
* Loan is given at 0%, deferred payment. Buyer must pay back in full if the house is sold, transferred or ceases to be their primary residence, regardless of tenure in property.
* No maximum sales price if buyer is between 81% to 120% of the area median income, limited to same restrictions as MyHome if median income is up to 80%
* Debt to income ratios of 33%/43%
And, this program can be combined with The Maryland Mortgage program as long as the loan does not need a 203k streamline for another $5,000 to the buyer!