The Capitol Heights 20743 zip code qualifies for up to $20,000 in Down Payment assistance through the new “My Home II” first time homebuyer program in Prince George’s County. In case you missed it, our UrbanLand Company agents have been helping prospective home buyers who want to use this program since the news hit on 9/1/2016. The Capitol Heights 20743 zip code is 1 of the 14 included target areas for home buyers to use the assistance funding.
Sponsored by Prince George’s County Department of Housing and Community Development (DHCD), the My HOME II Program will provide first-time home buyers with up to $20,000 in down payment and closing costs for the purchase of their home in Prince George’s County.
Home buyers must be income eligible, purchase a home one of 14 specific zip codes in the County and must pay back the zero percent interest loan when the house is sold or transferred.
Here’s 10 examples of current Capitol Heights homes for sale in the 20722 zip code! Some of these homes have been on the market for a bit, so there may be deals here from sellers who NEED to sell. This zip code borders DC’s Northeast boundary and makes for an easy commute in if you work in the city!
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Here’s the details on the incentives:
- Up to $20,000 in Down Payment & Closing Costs assistance (based on 5% of home purchase price)
- Valid for homes purchased in 14 Prince George’s Zip Codes including several along the DC NE boundary.
- Must be income eligible based on 120% of Area Median Income (details still to come on income!)
- This is a Down Payment Assistance program. There is a 1.75% fee (based on home purchase price) from the issuing mortgage bank & program that covers origination fee, processing and a variety of other things. That fee is separate from the up to $20,000 and must be paid as part of the financing process.
This is a loan that does have to be repaid in the future, but it is at 0% interest. The strategy here for the first time home buyer is to take the loan and pay it back using equity and capital gains when you sell the house in the future. It’s an easy process without much risk. Every time you make your mortgage payment, you build equity in the home. Prince George’s County homes give you even more advantages when using this strategy – home prices dropped during the recession and have not fully increased to prior levels yet. There’s major room for appreciation in the value of the home you buy.
The My HOME II Program is available from 9/1 through 12/31/2016, a very limited window. If the County’s allocated funding is exhausted prior to 12/31, then the program will end early. ‘My Home II’ Down Payment loans can be used in 14 different Prince George’s County zip codes. More homes for sale can be found on the links!
20737 Riverdale Park
20743 Capitol Heights
20744 Fort Washington
20745 Oxon Hills
20747 District Heights
20748 Temple Hills
20772 Upper Marlboro
20774 Upper Marlboro/Largo
20784 New Carrollton
Call UrbanLand Company at 202.759.4114 or email us to get started on using this program. “The program runs out when the funds are exhausted by the County. It can happen VERY QUICKLY,” concluded DiRuggiero.
Here’s some of the recent 1st time buyer homes we’ve sold in Maryland and DC recently: