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Maryland Veterans Homeownership Initiative for Prince George's County
Lt. Governor Anthony G. Brown and Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner announced the launch of a special initiative to help veterans purchase previously foreclosed property within designated areas in Prince George's County.
This new program will provide up to all closing costs plus a 20% down payment in the form of a zero percent deferred loan to qualified Veterans. The state DHCD will use $2.175 million of federal Neighborhood Stabilization Program (NSP) funds for this initiative.
- Targeted especially to veterans' families at or below 50% of the Area Median Income (AMI).
- Requires a minimal cash outlay of $1,000 by the homebuyer.
- Provides up to all closing costs plus the 20% down payment in the form of a zero percent deferred loan to ensure that monthly mortgage payments are affordable to the targeted families.
- Offers the homebuyers additional funding on a case-by-case basis if repairs are needed, to help ensure the home meets at least minimum property standards.
- In addition to NSP funds, DHCD will be able to leverage another $7 million of tax-exempt mortgage revenue bond funds as part of this initiative in the form of an MMP first mortgage loan that has a 40 year term and requires no mortgage insurance.
Program details >>
MDHousing.org press release >>
Maryland Department of Housing and Community Development Contacts:
Mr. Duane Felix 410.514.7528
Ms. Shelly Tyler 410.514.7563
Email: singlefamilyhousing@mdhousing.org
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