1st time home buyers in Prince George's County, Maryland, have a down payment assistance program which can qualify buyers for grants of up to $20,000.
The Neighborhood Stabilization Program can provide down payment or closing cost assistance in the form of a deferred loan. Stay in the house for 10 years and the loan doesn't have to be paid back.
Here are some of the details and more can be seen on this PG County link:
- Loans will be made on foreclosed homes only.
- 33 PG County zip codes qualify for the program.
- The program does have income limits.
- Only qualified lenders can be used.
- Property has to appraise for 101% of the sale price.
- Homebuyer training is required.
Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114
410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com
Annapolis MD Real Estate Specialist
Bowie MD Real Estate Specialist
Crofton MD Real Estate Specialist
Rich Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).
SKYPE ME: RichSellsHomes
Hi Rich:
That's great information for your local buyers!
Hopefully it will help with those who are on the fence...
Happy Selling!!!
This is good information for buyers. Hope they will call you to buy their home.
This looks similar to the Frederick program.
Toula, Interestingly, I haven't seen much advertised about this.
Gita, Me too. Thanks.
Lenn, It's rare that I get up to Frederick. As you know, some communities in PG County are inundated with REO properties. I hope all these programs are successful in getting REOs off the market.
Great program initiative in PG County, thank you for bringing the info. I wonder how much money they have allocated for this?
Thanks for sharing this information. I was not familiar with the program.
This is great info Rich. I am going to reblog it for my outside blog.
That 1% under appraisal is a killer. That makes it pretty hard to compete with cash investor buyers.
Fernando, Not sure but I'm pretty sure its on the website.
Roy, That's kind of the power of Active Rain.
Stacey Ann, Could help some buyers in our area.
Lenn, The devil is always in the details. It will work for some deals and others, it won't. I just look at it as another possible tool, given the right circumstances.