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Wednesday, May 18
Take Advantage of Closing Cost/Down Payment Assistance Loans of Up to 5% of the Sales Price
The Prince George’s County MY HOME Closing Cost/Down Payment Assistance program provides home purchase monetary assistance to first time homebuyers. The assistance is provided in the form of a loan for up to 5% of the Sales Price. Only a few select Title companies were certified to provide closing services for these transactions. eSettlement Solutions, LLC is proud to participate in this program and continues to provide enhanced services at affordable rates.
Key elements of the loan are set forth below:
- The forgivable loan applies to all residential transaction types including foreclosures, short-sales, new construction and traditional resales.
- Income Limitations do apply
- Max sales price $362,790
- In person first time home buyer counseling is required – 8 hours
- Home inspection required
- The home must pass a Housing Quality Standards (HQS) inspection. It is provided by the County at no cost to Buyer or Seller.
- An FHA 203K Streamline rehabilitation loan is allowed. However rehab costs must be $35,000 or below
- The Borrower’s minimum cash investment is the greater of 1.75% of the sales price or 50% of liquid assets over $3,000.
- Funds are available on a first come/first served basis as the program funds are limited.
Contact us today for more information.