Buy Suitland Initiative
Up to 5% of Home Purchase Price to First-Time Homebuyers
Up to 7% for Local Civic Employees
Suitland is the home to the Suitland Federal Center employing over 12,000 and a Metro station, is slated for a 22-acre mixed-use development project, and now has its own First-Time Homebuyer Program. The Buy Suitland Initiative will award 0% interest grants to households who have not owned a home within the last 3 years, and are buying a home as their principal residence.
Homebuyers can receive these grants for buying:
Additional Homebuyer Qualifications:
- Foreclosure and Short Sale properties
- NEW! The BUY SUITLAND Program will also award grants to assist purchasing owner occupied or vacant resale properties where the seller is at least 60 days delinquent on mortgage payments. Verification of mortgage delinquency at time of contract will be required.
- Now in 11 Census Tracts - 4 Areas Newly Added!
||* New census tracts
Check www.ffiec.gov/geocode/default.aspx to see if specific addresses are within included census tracts.
- Appraisal vs Contract Price = 1% Discount
Similar to the first NSP Program, the sale price of property under contract must be at a 1% discount of the most recent appraised value.
Buy Suitland Grant Amounts:
- Qualifying Households May Earn Up to 120% of the Area Median Income (AMI)
|Prince George's County AMI
||1 Person Household
||2 Person Household
||3 Person Household
||4 Person Household
||5 Person Household
||6 Person Household
||7 Person Household
||8 Person Household
- Borrower's Minimum Cash Contribution
|Purchaser's Income Level
(as % Area Median Income)
Required Cash Contribution
|At or below 80%
||$1,000 or 50% of liquid assets over $3,000 whichever is greater.
|80% - 120%
||$1,500 or 50% of liquid assets over $3,000 whichever is greater.
|Maximum 0% Interest Grant Amount
|5% of the purchase price of home
||An applicant with household income between 80 - 120% of the area median income.
|7% of the purchase price of home
||An applicant currently employed at the Suitland Federal Center, Police Office, Firefighter, Nurse or Teacher.
|35% of the purchase price of home or $40,000
Whichever is greater, as needed, to meet the
45% Debt-to-income requirements
|An applicant with a combined household income of 50% or below the area median income.
Visit the Prince George's County website and call the Prince George's County Redevelopment Authority
at 301-883-5456 for more information.
Contact a REALTOR® today, to help find the right home for you!
Click here for a printable Buy Suitland flyer!