close
close
close
"DC Open Doors" pays your Down Payment for you on a home purchase in DC. The money does not have to be paid back. You must have:
  • Less than $125,580/year in income
  • Have fair to good credit (660+)
UrbanLand Company Agents have over $33.7 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
The Virginia Housing Development Authority (VHDA) pays your Down Payment when you meet certain criteria. The money does not have to be paid back. You must have:
  • Less than $97,520/year in income (1-2 person households)
  • Less than $113,840/year in income (3+ persons)
UrbanLand Company Agents have over $33.7 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
The Maryland Mortgage Program loans you up to $8,500 in Down Payment Assistance. There's additional incentives from specific Maryland employers + great student loan incentive programs.
  • Incomes lower than $88,400 for 1-2 person households are eligible
  • Incomes between $88,400 & $128,760 may be eligible, based on county
UrbanLand Company Agents have over $33.7 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
 

Real Estate

Official Income Limits for the “My Home II” Program


There’s been info since late last week regarding the re-announced My Home II program for first time buyers in Prince George’s County. The program started again on 9/1/2016 with a major down payment assistance and closing costs incentive for qualified home purchasers.

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 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!)

Income limits are as follows:

Household Size 120% Area Median Income
1 $91,320
2 $104,280
3 $117,360
4 $130,320
5 $140,760
6 $151,200
7 $161,640
8 $172,080

The program is uniquely suited to singles/one-person households due to the income limitation. You can make up to $91,320 per year and still qualify for up to $20,000 in assistance. That’s a high income for the County and something you should take advantage of! There’s condo and townhome deals to be had all over the selected zip codes.

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.

Target zip code and current homes for sale are included below:

20706 Lanham
20710 Bladensburg
20722 Brentwood
20737 Riverdale Park
20743 Capitol Heights
20744 Fort Washington
20745 Oxon Hills
20746 Suitland
20747 District Heights
20748 Temple Hills
20772 Upper Marlboro
20774 Upper Marlboro/Largo
20784 New Carrollton
20785 Landover/Hyattsville

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. “These programs DO end early in Prince George’s County historically. Their prior My Home II, Double Play and Triple Play home programs from 2013 – 2015 all went down early due to popularity of the loans!” said Gerard DiRuggiero, Principal Broker of UrbanLand Company.

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:

 

SUPPORT LOCAL REAL ESTATE!
Skip to toolbar
Tools Fast Help