THINKING OF SELLING? NOW MAY BE THE TIME. The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in
First Time Home Buyers My Home II Program Reactivated In Prince Georges County
Dated: September 22 2016
On September 1, 2016, the Prince George’s County Department of Housing and Community Development (DHCD) reopened the popular My HOME II Program, which provides first-time home buyers with up to $20,000 in down payment and closing costs for the purchase of their home in Prince George’s County. Home buyers must be income eligible, purchase a home in one of 14 specific zip codes in the County and must pay back the zero percent interest loan when the house is sold or transferred. The My HOME II Program will operate until the money has been exhausted or until December 31, 2016 whichever occurs first.
The “My Home II” Program requirements, include:
up to $20,000 in down payment & closing costs assistance (based on 5% of home purchase price);
valid for homes purchased in 14 Prince George’s zip codes, including several zip codes along the DC NE boundary;
the Buyer must be income eligible based on 120% of area median income; and
repayment of the “My Home II” Program loan in the future, but at 0% interest.
A strategy for a first time home buyer may be to take the “My Home II” Program loan and pay back the loan using equity and capital gains at the time the house is sold in the future. An advantage of the “My Home II” Program may be significant, because Prince George’s County home prices dropped during the last recession and have not fully increased to prior levels, resulting in more room for appreciation in the value of the home you buy.
In addition to being a licensed real estate salesperson in MD and DC, Andrea is a Credit Repair Agent, certified Notary Signing Agent (underwriter appointed) and Investor. +Get connected to resour....
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Buying your next home can be a daunting task, especially if it’s your first home. It’s exciting but full of complexities.While it’s likely to be the largest financial transaction you