Down Payment Assistance Program
Prince George’s County Maryland has always been a great place to realize your American Dream, and the Prince George’s County Commissions are doing their part to make that dream a reality for more and more Americans. In an effort to combat two issues that the current housing crisis has cause; Homebuyers not having enough money to qualify for a home, and the abundance of homes that have been foreclosed on that seem to be littering communities all over the County, a down payment assistance program has been developed for the purchase of Bank-owned properties.
The program offers down payment and closing cost assistance to purchase a vacant foreclosed home. Eligible homebuyers must be either first time homebuyers or cannot have owned a home in the previous three years.
There is an income requirement:
Applicants for DPCCA must have gross annual household incomes at or below 120% of the area median, adjusted for family size. An income chart is provided below.
Effective Date : 4/27/2009
Median Family Income : 103,100.00 USD
|
1-Person |
2-Persons |
3-Persons |
4-Persons |
5-Persons |
6-Persons |
7-Persons |
8-Persons |
||||
|
0.07 |
0.8 |
0.9 |
1 |
1.08 |
1.16 |
1.24 |
1.32 |
||||
|
Very Very Low Income |
30% |
$21,650 |
$24,650 |
$27,700 |
$30,800 |
$33,250 |
$35,750 |
$38,200 |
$40,650 |
||
|
Very Low Income |
50% |
$35,950 |
$41,100 |
$46,200 |
$51,350 |
$55,450 |
$59,550 |
$63,650 |
$67,800 |
||
|
60% Limits |
60% |
$43,140 |
$49,320 |
$55,440 |
$61,620 |
$66,450 |
$71,460 |
$76,380 |
$81,360 |
||
|
Low Income |
62% |
$44,800 |
$51,200 |
$57,600 |
$64,000 |
$69,100 |
$74,250 |
$79,350 |
$84,500 |
||
|
80% Limit |
80% |
$57,700 |
$66,000 |
$74,200 |
$82,500 |
$89,100 |
$95,700 |
$102,300 |
$108,900 |
||
|
120% Limit |
120% |
$86,250 |
$98,600 |
$110,900 |
$123,250 |
$133,100 |
$142,950 |
$152,800 |
$162,700 |
Required Cash
50% or Below : 1,000.00 USD
60% -80% : 1,500.00 USD
%80 - %120 : 2,000.00 USD
This loan is a deferred payment, 0% interest. It must be your primary residence for at least 10 years, and you do not have to repay the loan if you stay in the home for 10 years or longer.
This program will provide down payment and closing cost assistance loans for purchases of vacant foreclosed properties in eligible zip-codes in Prince George’s County. The down payment and closing costs assistance will be higher for purchases in Target Areas or for Workforce Housing.
20607, 20608, 20705, 20710, 20715, 20716, 20720,20721, 20613, 20722, 20743, 20623, 20735, 20740, 20747, 20744, 20769, 20770, 20781, 20782, 20783, 20784, 20785, 20706, 20707, 20708, 20712, 20745, 20737, 20746, 20748, 20772, 20774.
Of the 33 zip codes above the following are considered Target Zip Codes:
20716, 20743, 20747, 20744, 20783, 20785, 20706, 20708, 20746, 20748, 20772, 20774
For more information on qualifying for this program, call DeHanas Real Estate Services at 301-870-1717 or 301-638-3443.
