 |
 |
 |
 |
 |
 |
Maryland Veterans Homeownership Initiative for Prince George's County
Closing Costs plus Down Payment Incentives
Lt. Governor Anthony G. Brown and Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner announced the launch of a special initiative to help veterans purchase previously foreclosed property within designated areas in Prince George's County.
This new program will provide up to all closing costs plus a 20% down payment in the form of a zero percent deferred loan to qualified Veterans. The state DHCD will use $2.175 million of federal Neighborhood Stabilization Program (NSP) funds for this initiative.
- Targeted especially to veterans' families at or below 50% of the Area Median Income (AMI).
- Requires a minimal cash outlay of $1,000 by the homebuyer.
- Provides up to all closing costs plus the 20% down payment in the form of a zero percent deferred loan to ensure that monthly mortgage payments are affordable to the targeted families.
- Offers the homebuyers additional funding on a case-by-case basis if repairs are needed, to help ensure the home meets at least minimum property standards.
- In addition to NSP funds, DHCD will be able to leverage another $7 million of tax-exempt mortgage revenue bond funds as part of this initiative in the form of an MMP first mortgage loan that has a 40 year term and requires no mortgage insurance.
Program details >>
MDHousing.org press release >>
Maryland Department of Housing and Community Development Contacts:
Mr. Duane Felix 410.514.7528
Ms. Shelly Tyler 410.514.7563
Email: singlefamilyhousing@mdhousing.org
Contact a REALTOR® to start the search for your new home today!
