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Q.First-time Homebuyer?Do You Need Assistance With Your Down Payment andClosing Costs?

Contact Information:Web Site / www.princegeorgescountymd.gov/dream

General Information / 301.883.5456

Prince George’s County Department of Housing and Community Development Down Payment on Your Dream Program / 9400 Peppercorn Place, Suite 120 / Largo, MD 20774

Prince George’s County Association of Realtors 8400 Corporate Drive, Suite 225 / Landover, MD 20781 www.pgcar.com / 301.306.7900

Maryland Department of Housing and Community DevelopmentMaryland Mortgage Program / 100 Community Place / Crownsville, MD 21032 www.mmprogram.org / 1-800-638-7781

For verification of license status of Real Estate Professionals Contact:Maryland Department of Labor, Licensing, and Regulations500 North Calvert Street, Suite 401 / Baltimore, MD 21202www.dllr.state.md.us / 410-230-6001

"Title VIII of the Civil Rights Act of 1968, prohibits discrimination based on race, color, religion, national

origin, sex, handicap, familial status or national origin in the sale, rental or advertising of housing."

Prince George’s CountyNeighborhood Stablization Program

A.

Follow these steps if you are interested in the Down Payment on Your Dream Program:

1. Contact a real estate agent to identify vacant foreclosed properties in eligible areas.

2. Contact a Down payment on Your Dream participating lender to get pre-approved for a mortgage.

3. Attend an 8-hour housing counseling course provided by a HUD Certified Housing Counseling Agency. For a list of HUD approved counceling agencies, visit: www.princegeorgescountymd.gov/dream

4. Work with a real estate agent to place a contract on a vacant foreclosed property you can afford and for which you can be pre-approved.

5. Return to participating lender with sale contract and apply for mortgage and “Down Payment of Your Dream” loan.

6. Work with lender and real estate agent to complete loan package, underwriting and address issues necessary to receive approval for first mortgage and “Down Payment onYour Dream” loan.

7. Settle on your Dream Home!!!!

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Now is an exciting time to buy a home in Prince George’s County.

Today, first time home buyers can take advantage of the county’s Down

Payment on Your Dream program, in which buyers can receive down

payment and closing costs assistance when purchasing a vacant, fore-

closed property in Prince George’s County. This brochure outlines the

guidelines specific to the homebuyer, realtors and lenders, as well as

the necessary steps families must take in order to qualify.

I know that the economic times we are in are tough. However, history

has taught us that tough times don’t last forever. As a result of our

county’s progress over the last seven years, we are well positioned to

address the challenges we face. That is why the Prince George’s

County Government is administering this program.

Prince George’s County has always been a great place to experience the American

Dream of homeownership. We are committed to helping Prince George’s families

realize this dream.

Jack B. Johnson,Prince George’s County Executive

How the program could work for you.

“Down Payment on Your Dream” assistance is in the form of deferred loans. There are several scenarios for the “Down Payment on Your Dream” loans:

• The lesser of 3.5% of the purchase price or $15,000 to purchase a vacant foreclosed property in one of 33 eligible zip codes.

• The lesser of 7% of the purchase price or $20,000 to purchase a vacant foreclosed property in one of 12 targeted zip codes.

• The lesser of 7% of the purchase price or $20,000to purchase a vacant foreclosed property in one of 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 a 3 mile radius of place of employment.

For a list of eligible zip codes, visit: www.princegeorgescountymd.gov/dream

What are the terms of the Down Payment on Your Dream Loan?

• 0% interest deferred payment loan.

• Must be primary residence for at least 10 years.

• Loan repayment requirement declines the longer purchaser remains in the home.

• No repayment if purchaser stays in home for 10 years.

What is the program about?

• Down payment and closing costs assistance to purchase a vvaaccaanntt ffoorreecclloosseedd hhoommee.

• First time home buyers only or cannot have owned a home anywhere in the last three years.

Who can participate?

• A household with income at or below 120% of the area median purchasing a vacant foreclosed property in eligible zip code.

Median Family Income: $103,100

• Any real estate professional licensed by the state to do business in Maryland.

• Approved participating lenders. For a complete list, contact a real estate professional or visit:www.princegeorgescountymd.gov/dream

1-Person

2-Persons

3-Persons

4-Persons

5-Persons

6-Persons

7-Persons

8-Persons

Very Very Low Income 30% $21,550 $24,650 $27,700 $30,800 $33,250 $35,750 $38,200 $40,650

Very Low Income 50% $35,950 $41,100 $46,200 $51,350 $55,450 $59,550 $63,650 $67,800

60% Limit 60% $43,140 $49,320 $55,440 $61,620 $66,540 $71,460 $76,380 $81,360

Low Income 62% $44,800 $51,200 $57,600 $64,000 $69,100 $74,250 $79,350 $84,500

80% Limit 80% $57,700 $66,000 $74,200 $82,500 $89,100 $95,700 $102,300 $108,900

120% Limit 120% $86,600 $99,000 $111,300 $123,700 $133,600 $143,500 $153,400 $163,300