$20,000 in First Time Homebuyer Assistance Still Available

Prince Georges County is loaded with foreclosures. In fact, the county has identified several zip codes that they deem emergency areas in which they want to encourage buyers to purchase these homes. To encourage buyers, the county established the First Time Homebuyer "Down Payment on Your Dream" loan program in April 2009. I've been informed that there is still time on this program to qualify and purchase.

In a quick nutshell, it works this way:

• A home buyer must be considered a first time home buyer or cannot have owned a home anywhere in the past three years.
• A buyer must work with a licensed real estate professional.
• A buyer must be pre-approved through a participating lender.
• A buyer must have an income at or below 120% of the area's median income.
• The lesser of 3.5% of the purchase price or $15,000 to purchase a vacant foreclosed property in one of 33 eligible zip codes.
• The lesser of 7% of the purchase price or $20,000 to purchase a vacant foreclosed property in one of 12 targeted zip codes.
• The lesser of 7% of the purchase price or $20,000 to purchase a vacant foreclosed property in one of the 33 eligible zip codes as workforce housing. Workforce housing is defined as foreclosed upon properties located in one of 33 zip codes, purchased by teachers, police officers, nurses, firefighters, OR employees purchasing a home within 3 mile radius of place of employment in aneligible zip code.
• This is a down payment assistance 0% deferred loan.
• The buyer must maintain this home for at least 10 years.
• Loan repayment requirement declines the longer that the buyer remains in the home.
• If buyer remains in the home for more than 10 years, there is no repayment necessary.
• Check their website for a list of eligible zipcodes.

*Income Eligibility--Applicants for DPCCA must have gross annual household incomes at or below 120% of the area median, adjusted for family size. Median Family Income : 103,100.00 USD