Derrick D, Home Buyer in Prince George's County...

what are some programs that are helping with down payment/closing cost assistance in MD?

Asked by Derrick D, Prince George's County, MD Wed Sep 25, 2013

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3
Hello Derrick D.


There are some programs out there to assit. Most lenders want to see the buyers put some money down. There programs out there such as CDA you can get help. FHA + and more. if you need help finding your home let me know.
0 votes Thank Flag Link Thu Sep 26, 2013
Hi Derrick,

That will depend on your income and the area you choose. There are special programs for police officers and teachers, incentives for closing help assistance for military members, county programs that assist with up front expenses based on income or in certain targeted zip codes, and state funded closing help and down payment programs if you qualify. I have a great local lender that can give you guidance. Message me for info.
0 votes Thank Flag Link Thu Sep 26, 2013
Hi Derrick, there are a few government programs out there that can help. The question is whether funds are available or not for the programs to actually work. Currently, The MY HOME Program is back with increased income limits and a projected $8 million in total funds available. Under The MY HOME Program, eligible applicants can borrow up to 5% of the SALES PRICE to purchase a foreclosure or owner occupied short sale. MAXIMUM SALES PRICE IS $362, 790. There are several loan requirements which include that you must complete 8 hours of home buyer education, have a debt income ratio not to exceed 43%, must use an APPROVED MY HOME LENDER, etc. If you need more information or need help finding an approved lender, please contact me through my Trulia profile because I know some approved lenders that can help you.
Best of luck!
0 votes Thank Flag Link Thu Sep 26, 2013
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