Now is the best time for first-time home buyers in Prince George's County, MD to buy a home! Even more Down Payment Assistance is available!
The new loan limit through the Prince George's County Neighborhood Stabilization Program (NSP) has been increased. First-time homebuyers (including those who have not owned a home in the past three years) can now borrow up to $60,000 to use for their down payment and/or closing cost needs, upon the purchase on one of the county's foreclosed homes!
These new guidelines are effective until the February 19, 2010 application deadline.
This program only applies to buyers within or below the following income levels:
Household Size ....... Income Limit
1-Person ................ $35,950
2-Persons ............... $41,100
3-Persons ............... $46,200
4-Persons ............... $51,350
5-Persons ............... $55,450
6-Persons ............... $59,550
7-Persons ............... $63,650
8-Persons ............... $67,800
Under this new plan, purchasers must be preapproved for a mortgage by their lender before applying for the NSP loan. Repayment amount of the loan is determined by the length of time the purchaser retains the home as his/her primary residence:
Less than 5 years - 100% loan due
At least 5 years but less than 15 years - 70%
15 or more years - 50%
This program provides low-income borrowers a fantastic opportunity to now expand their search throughout the various areas of the county to find their dream home.
The deadline is February 19, 2010. For more information, click here and give us a call: 301-910-6502.
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