Call or text me at 202-378-0283 to find out more about the MMP Triple Play Program for PG County MD Home buyers.
INCEPTION: I'm not talking about the movie that started Leonardo dicaprio. Im talking about when this program started which was on 11/20/14.
AREAS/ZIPCODES: Now notice I said this program is to help some PG County MD Home Buyers. It would be great if this program would work in the entire PG County MD. But unfortunately this program applies to 14 areas/zipcodes. There are
- Capitol Heights-20743
- Oxon Hill-20745
- District Heights-20747
- Upper Marlboro-20772 and 20774
- Temple Hills-20748
- Fort Washington-20744
- Landover Hills/Hyattsville-20785
DOWN PAYMENT AND CLOSING COST ASSISTANCE: It is $10,000 down payment assistance from the Maryland Mortgage Program in the form of a zero percent deferred loan. and an additional $10,000 grant. The grant funds are immediately forgivable upon loan closing. Now this program cannot be combined with funds from MMP Partner Match Programs. However any MMP loan under the Prince George's County Initiative can receive any available assistance from employers,builders,developers,local jurisdictions etc.
INTEREST RATE: The interest rate is 25 bps (0.25%)below each of the regular MMP interest rates for conventional and govermment insured loans. The interest rate reduction cannot be used in conjunction with Maryland Homefront Program (borrowers can benefit from either a 0.25% interest rate reduction for a Maryland Homefront loan OR a 0.25% interest rate reduction for a Prince George's County MMP Loan). MARYLAND HOMECREDIT : Can be used in conjunction with MMP Prince George's County Initiative. As an additional initiative,CDA will waive the fee for the mortgage credit certificate (MCC)associated with a MMP Prince George's County Mortgage Loan. Lenders may continue to charge their MCC fee. ELIGIBLE MARYLAND HOMEFRONT BORROWERS: This program is open to eligible MMP Home buyers purchasing a home in PG County MD. Eligible borrowers must qualify for an MMP Loan, i.e credit score,income limitations etc. All borrowers must take approved homebuyer education andutilize an approved lender. FIRST TIME HOME BUYER REQUIREMENTS: While MMP loans generally are limited to first-time homebuyers,the requirement is waived if :
- Borrower is purchasing in a targeted area and sold their current home prior to closing on the new property.
- It has been more than three years since borrower has owned a principal property OR
- Borrower is an honorably discharged veteran who has not previously used the first time buyer exemption.
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