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Suitland MD First time home buyers program-Buy Suitland Initiative Program

Suitland MD First time home buyers program. I have heard about this program before. But last week a loan officer who found me here on Active Rain reminded me again about this program. PG County MD need more First time home buyers programs to assist more PG County MD First time home buyers with downpayment and closing costs.

 

Suitland is the home to the Suitland Federal Center employing over 12,000 and a Metro station, is slated for a 22-acre mixed-use development project, and now has its own First-Time Homebuyer Program. The Buy Suitland Initiative will award 0% interest grants to households who have not owned a home within the last 3 years, and are buying a home as their principal residence. Home buyers can receive these grants for buying Foreclosure and Short Sale properties in 7 Census Tracks



  • Appraisal vs Contract Price = 1% Discount
    Similar to the first NSP Program, the sale price of property under contract must be at a 1% discount of the most recent appraised value.


Additional Homebuyer Qualifications:

    • Qualifying Households May Earn Up to 120% of the Area Median Income (AMI)

      Prince George's County AMI 1 Person Household 2 Person Household 3 Person Household 4 Person Household 5 Person Household 6 Person Household 7 Person Household 8 Person Household
      50% $37,150 $42,450 $47,750 $53,050 $57,300 $61,550 $65,800 $70,050
      80% $58,000 $66,200 $74,500 $82,800 $89,400 $96,000 $102,700 $109,300
      120% $89,100 $101,850 $114,600 $127,300 $137,500 $147,700 $157,900 $168,050



  • Borrower's Minimum Cash Contribution

    Purchaser's Income Level
    (as % Area Median Income)
    Minimum Purchaser's
    Required Cash Contribution
    At or below 80% $1,000 or 50% of liquid assets over $3,000 whichever is greater.
    80% - 120% $1,500 or 50% of liquid assets over $3,000 whichever is greater.


Buy Suitland Grant Amounts:

Maximum 0% Interest Grant Amount Applicant Qualifications
5% of the purchase price of home An applicant with household income between 80 - 120% of the area median income.
7% of the purchase price of home An applicant currently employed at the Suitland Federal Center, Police Office, Firefighter, Nurse or Teacher.
35% of the purchase price of home or $40,000
Whichever is greater, as needed, to meet the
45% Debt-to-income requirements
An applicant with a combined household income of 50% or below the area median income.

 


 

The County's Department of Housing and Community Development will soon have a website dedicated to the Buy Suitland Initiative. When it is released public, we will link to it here.

In the market to buy a house for sale? Start your Suitland MD Home buying Search here

 

 

 

 


 

 

 

Click here to Receive up to $15,000 from government programs that would assist you in down payment and closing cost fees when you buy your house                                                                          

Want to search houses for sale in Washington DC,Maryland and/or Virginia? Click here

 

Want to know how much houses are selling for in your area? Click here 

 

Click on this link to download my KW Mobile App to search homes for sale on your mobile phone,IPAD or tablet http://app.kw.com/KW2GQDDCJ

 

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Comment balloon 2 commentsLanre-"THE REAL ESTATE FARMER" Folayan • September 06 2011 02:13AM
Suitland MD First time home buyers program-Buy Suitland Initiative…
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Suitland MD First time home buyers program I have heard about this program before. But last week a loan officer who found me here on ActiveRain reminded me again about this program. PG County MD need more First time home buyers programs to assist… more