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HOMEBUYER SAVINGS

. . . Applications Still Open for Specific Income Levels . . .

Down Payment on Your Dream
Apply for up to $60,000 in down payment assistance in Prince George's County

More than 500 families have received down payment assistance from the Prince George's County "Down Payment on Your Dream" program. Because of the program's popularity, as of February 17, 2010, funds have now been used except for households at or below the 50% median income range.

Do you qualify? The maximum income level is $35,950 for a 1-person household, $41,100 for a 2-person household, and $51,350 for a 4-person household. For other household sizes and qualifying limits, please contact a REALTOR®.

Even if you don't qualify for this home buyer assistance program, now is an exciting time to buy a home in Prince George's County. Homebuyers can take advantage of the Federal income tax credit, now extended through April 30 and available to first-time homebuyers and people changing homes. Investigate other savings linked from the box to the right.

The Time is Now. Click Here for the Down Payment on Your Dream Brochure >>

To qualify for Down Payment on Your Dream assistance buyers must purchase a vacant, foreclosed property in Prince George's County. In most instances these properties will be owned by a bank or other lending institution. Finding and identifying a foreclosure is a somewhat different process than searching for a traditional "for sale" property. The best resource to find, view, research and purchase a foreclosed home is through the assistance of a REALTOR®.

Prince George's County REALTORS® are prepared for and excited about the opportunities available to home buyers through Down Payment on Your Dream and they are prepared to serve you in this very important endeavor.

ALL REALTORS® have access to the special details of Down Payment on Your Dream assistance and can help you in purchasing a home. The Prince George's County Association of REALTORS® maintains a list of their REALTOR® members at www.pgcar.com.

Beginning this process is simple... Contact a Real Estate Agent >>

A REALTOR® will help you determine your buying power and pre-qualify you to take advantage of this program. It will be necessary to assess your borrowing capacity. An agent will ask you simple questions about your savings, income, and debt. It's a great time to buy a home in Prince George's County
A REALTOR® has the resources to assist you in your home search. Down Payment and Closing Cost Assistance funds are available exclusively for the purchase of foreclosed properties. Buying a foreclosure can be a different process than buying a retail property. It involves research and patience. An experienced agent can locate these properties and provide valuable information on utilities, zoning and schools.
A REALTOR® will assist you in negotiations. There is a myriad of negotiation factors such as price, finance terms, settlement dates and in many instances inclusion or exclusion of repairs. Buying a Home? Enjoy a tax credit savings
A REALTOR® will assist you in consultations with lenders. There are specific application requirements and specific qualified lenders. An agent will help you find the proper lender and assist in completing all required paperwork.
A REALTOR® will provide due diligence during the evaluation of the property. An agent will provide counsel on what investigations and inspections are necessary. These could include termite, asbestos, structural soundness, septic and well tests.
A REALTOR® will assist you with Title companies. When buying a foreclosure you will want to see a preliminary report on the title. Title indicates ownership of the property. It is important to make sure that the property is clear from all outstanding debts.
A REALTOR® will direct you to HUD approved counseling agencies. Buyers are required to attend eight hours of HUD approved housing counseling.
And finally, a REALTOR® will guide you through the closing process making sure that everything flows smoothly.

There is approximately $9 million of federal and state money dedicated to down payment and closing cost assistance. It is estimated that this will translate into more than 700 families being helped with additional funding to buy a foreclosed home in our County. We at the Prince George's County Association of REALTORS® have been pleased to participate in the design of this plan and helping so many families buy homes with this funding. You can start searching for your new home and qualifying for assistance now. . .

9200 Basil Court   |   Suite 400   |   Largo, MD 20774   |   Phone 301-306-7900   |   Fax 301-306-8273   |   pgcar@mris.com   |   Contact Us
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