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Buying a Home in Prince George's County - DREAM Program

There are funds available to help first-time home buyers purchase a home in Prince George's County.  These funds are in the form of 0% interest deferred loans that can be used towards down payment or closing costs on the purchase of a home.  

The requirements of the program include:

  • Purchase of a vacant foreclosed home
  • Home must be located in an eligible zip code
  • Purchaser must be a first-time home buyer or not have owned a home in the past 3 years
  • Household income at or below 120% of the median household income for the area
  • Work with a participating lender and complete a home buyer counseling course
  • Most stay in the home for 10 years to avoid loan repayment

What you get

  • The lesser of 3.5% of the purchase price or $15,000 to purchase a vacant foreclosed property in one of the eligible zip codes.
  • The lesser of 7% of the purchase price or $20,000 to purchase a vacant foreclosed property in one of the 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 an eligible zip code.
Income Requirements

 

1 Person

2 People

3 People

4 People

5 Persons

6 Persons

7 Persons

8 Persons

Income Requirement

$86,250

$98,600

$110,900

$123,250

$133,100

$142,950

$152,800

$162,700

Eligible Zip Codes

20607                                                   20608                                       20613              

20623                                                   20705                                       20706*

20707*                                               20708*                                    20710

20712                                                   20715                                       20716*

20720                                                   20721                                       20722              

20735                                                   20737                                       20740

20743*                                               20744*                                    20745

20746*                                               20747*                                    20748*

20769                                                   20770                                       20772*

20774*                                               20781                                       20782

20783*                                              20784                                       20785*

*  target zip codes

 

If you are ready to buy a home in Prince George's County give me a call.  I would be happy to help you and to help you determine whether you qualify for this down payment and closing cost assistance.


 

 

If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery,  Charles, Calvert, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of Century 21 New Millennium.

 

Search Homes for Sale

 


Donations made to charity with every successful closing!


Dr. Stacey-Ann Baugh

Century 21 New Millennium

www.LiveinPGCounty.com

staceyannbaugh@gmail.com

240-481-3565 (C)

202-546-0055 (O)

 

FINALLY!  A DOCTOR WHO MAKES HOUSE-CALLS!

 

Information deemed reliable but not guaranteed! 

 

 

 

Comment balloon 2 commentsDr. Stacey-Ann Baugh • September 13 2009 06:55PM

Comments

Wow, what a benefit to someone that qualifies for this program.  Talk about free money. How long does this program last?

Posted by Brian Griffis (Realty Choice) about 9 years ago

Hi Stacy,  I am meeting with the folks at the Dream program tomorrow.  As you know, we are already approved with the program, I just want to make sure I am doubly versed in the ins and outs.  Look forward to working with you to get these clients into homes in the best possible way!

Posted by Bridget "Mortgage Mama" McGee, Maryland Mortgage Mama NMLS#196068 (Corridor Mortgage Group 410-960-2061) about 9 years ago

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