The time to be a first-time Home Buyer in Prince George's County, MD is NOW!
There are many incentives to buy a house that are available right now, however, many of these incentives are expected to change or come to an end in the near future.
- Downpayment on your dream program is a downpayment and closing cost assistance program valued at up to $20,000.
- To be eligible, a buyer must be a first-time home-buyer and purchase a vacant, foreclosure in one of 33 target zipcode in Prince George's County.
- Deadline for application is February 19, 2010. Funding will be awared on a first completed application, first served basis until all funds have been disbursed.
- $8000 tax credit offered by the federal government
- To qualify the purchaser must be a first-time home-buyer
- The home must be under contract by April 30, 2010 and must close by June 30, 2010
- Changes are coming to the FHA lending rules beginning in April 2010. These changes will impact downpayments and other up-front costs associated with buying a home.
- The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent.
- Borrowers with a credit score below 580 will be required to have at least a 10% down payment. The minimum down payment will remain at 3.5% for all other borrowers.
- Seller concessions will be reduced from 6% to 3%
First-time Home Buyers, there is still time to take advantage of these programs and incentives before the deadlines or the aniticapted changes occur.
If you are interested in buying a home in Prince George's County, MD please give Stacey-Ann Baugh a call!
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.
Dr. Stacey-Ann Baugh
Century 21 New Millennium
FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!
Information deemed reliable but not guaranteed!