Conversion Campaign The Home Affordable Modification Program requires borrowers to enter into a Trial Period Plan before receiving a permanent Home Affordable Modification. Read about important deadlines and more.
12/29/2009
Tax Credit Update - 10 Facts
10 Important Facts about the Extended First-Time Homebuyer Credit | |
|
Source: http://www.irs.gov/newsroom/article/0,,id=215827,00.html. Retrieved on December 29th, 2009.
12/28/2009
12/01/2009
11/11/2009
Market Snapshot of Upper Marlboro, MD
Trulia Snapshot
10/23/2009
09/02/2009
07/09/2009
Prince George's County, MD - Down Payment on Your Dream : Home Page
Now is an exciting time to buy a home in Prince George's County. Today, first time home buyers can take advantage of the county's Down Payment on Your Dream Program, in which buyers can receive down payment and closing costs assistance when purchasing a vacant foreclosed property in Prince George's County. This website outlines specific guidelines for the homebuyer, realtors and lenders as well as the necessary steps families must take in order to qualify. I know that the economic times we are in are tough. However, history has taught us that tough times don't last forever. As a result of our county's progress over the last seven years, we are well positioned to address the challenges we face. That's why the Prince George's County Government is administering this program.Prince George's County has always been a great place to experience the American dream of homeownership. We are committed to helping Prince George's families realize this dream.Jack B. Johnson Prince George's County Executive
07/05/2009
Neighborhood Stabilization Program Accepting Applications
Prince George's County NEIGHBORHOOD STABILIZATION PROGRAM (NSP)
Down Payment Closing Cost Assistance Program
Program Fact Sheet
What is the program about? How Could it Benefit You?
"Down Payment on Your Dream" assistance is in the form
of deferred loans. There are several scenarios for the "Down
Payment on Your Dream" loans:
Down payment and closing costs assistance to purchase a vacant foreclosed home.
The lesser of 3.5% of the purchase price or $15,000
to purchase a vacant foreclosed property in one of
33 eligible zip codes.
20607, 20608, 20705, 20710, 20715, 20720, 20721, 20613, 20722, 20623, 20735, 20740, 20769, 20770, 20781, 20782, 20784, 20707, 20712, 20745, 20737
The lesser of 7% of the purchase price or $20,000
to purchase a vacant foreclosed property in one of
12 targeted zip codes.
DPCCA Target Areas are defined as:
· Bowie (20716)
· Capitol Heights (20743)
· District Heights (20747)
· Fort Washington (20744)
· Hyattsville (20783, 20785)
· Lanham (20706)
· Laurel (20708)
· Temple Hills (20748)
· Suitland (20746)
· Upper Marlboro (20772, 20774)
The lesser of 7% of the purchase price or $20,000
to purchase a vacant foreclosed property in one of
33 eligible zip codes as workforce housing. Workforce
housing is defined as foreclosed upon properties
located in one of 33 zip codes, purchased by teachers,
police officers, nurses, firefighters, OR employees
purchasing a home within a 3 mile radius of place
of employment.
Who can participate?
First time home buyers only or cannot have owned a home anywhere in the last three years.
A household with income at or below 120% of the area median purchasing a vacant foreclosed property in eligible zip code.
What are the Steps?
CALL The Godfrey Realty Group- Angel S. Brown 240-737-5052
1. I can identify and provide you with a list vacant foreclosed
properties in eligible areas.
2. I can provide you with an NSP approved lending Professional to get you pre-approved.
3. Attend an 8-hour housing counseling course provided
by a HUD Certified Housing Counseling Agency.
4. We will work together to help you find a vacant Foreclosed Home of your Choice!
5. Submit Contract to lender that has been accepted by the bank.
7. Settle on your NEW HOME!!!
Workforce Housing
Workforce housing is defined as homes purchased by teachers, police officers, nurses, firefighters, and employees working within a 3 mile radius of place of employment.
LOAN TO VALUE REQUIREMENT
The total of the first mortgage loan plus the DPCCA loan cannot exceed 105% of the appraised value of the home to be purchased.
MAXIMUM LOAN AMOUNT
The DPCCA loan cannot exceed the lesser of 7% of purchase price, or $20,000 for the purchase of a foreclosed home (bank owned) in a Neighborhood Stabilization Program
Target Area OR the purchase of a home for workforce housing. The DPCCA loan
cannot exceed the lesser of 3.5% of purchase price, or $15,000 for the purchase of a foreclosed home (bank owned) in a Neighborhood Stabilization Program Non- Target Area.
MAXIMUM LOAN TERM
The DPCCA affordability loan term is 10 years.
INTEREST RATE
The interest rate will be 0%.
REPAYMENT REQUIREMENTS
1. The DPCCA loan will be a deferred payment loan, secured on the property as a
second trust, with the balance due determined by length of time the purchasers
remain in the home.
2. The amount of the DPCCA due or forgiven is based on the following:
If the Purchaser Remains in their home for
(As % of Total DPCCA Received)
0-3 years all funds received will need to be repaid at 100%
3-6 years funds received will need to be repaid at 50%
6-9 years funds received will need to be repaid at 30%
10+ years all funds received will need to be repaid at 0%
Recent Comments