The state of Maryland has been making buying your first home in Prince Georges County a little easier since late 2014, with up to $20,000 in available down payment and closing costs assistance to qualifying buyers who purchase in select zip codes in the County.
“Triple Play (and the now suspended My Home and My Home II programs) offers buyers a real incentive to buy in the County. Prince Georges was hit hard during the housing foreclosure crisis; the funding for Triple Play actually comes from a legal settlement against the mortgage industry,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company.
Triple Play’s home buyer assistance money comes from this prior lawsuit, and the money is almost spent. Prince Georges County’s ‘share’ of the settlement money was around $6 million and as of February 5, over $3.3 million had been given out to qualifying home buyers. The governing Maryland Mortgage Program (MMP) projects that funds will run out by end of this March or April.
“To have a local assistance program commit that much money with such easy qualifications is somewhat unique. The speed of approvals and disbursement of the money has really opened up the dream of home buying for a lot of local residents,” continued DiRuggiero. “We run a twice weekly $0 Down Workshop that focuses on Triple Play as well as DC’s ‘DC Open Doors’ $0 Down Program. What started for UrbanLand Company as a once a month event now happens 2 – 3 times a week.”
Why are we running so many Workshops? “It’s really to meet the public demand. When you run a regular, free Workshop that gives valuable advice and real help in getting local assistance, a large crowd can flow in. In the interest of keeping attention personal and the learning environment focused, we offer regular Tuesday After-Work and Saturday morning sessions as well as special topic Thursday nights like this week’s FHA 203k Real Estate Investor Workshop,” concluded DiRuggiero.
Workshops are held at 913 Florida Avenue, NW, at the UrbanLand Company offices.
This Week’s $0 Down Home Buyer Workshops are Tuesday 3/3 at 5:30pm and Saturday morning, 3/7 at 10am. There is a special topic FHA 203k Renovation Loans & Beginning Real Estate Investing Workshop on Thursday, 3/5 at 5:30pm.
More Info on Triple Play qualifying zip codes from the ULC Blog: