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. In addition there is a MY HOME II program available to first time buyers.
Here are some highlights of the MYHOME program:
MY HOME PROGRAM:
* Loan amount up to $20,000 based on 80% area median income
* Loan amount up to $60,000 based on 50% area median income
* Entire county is eligible
* 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 in 15 years. After 15 years, the loan is fully forgiven.
* Maximum sales price of $295,000 for resales and $370,000 for new construction
* Debt to income ratios of 33%/43%
* Foreclosures require 1% discount from appraisal completed within 60 days