Buyers Get Major Boost in PG County
The state of Maryland just brought some holiday cheer to homebuyers and sellers with its rollout of a new program that makes buying a home more affordable in certain areas of Prince George’s County. It’s like having Christmas, Hanukah and New Year’s all wrapped up into one appealing TriplePlay Initiative!
Qualifying residents can benefit from this new Maryland Mortgage Program (MMP) in three ways:
- Receive up to $20,000 toward a down payment and closing costs;
- Receive a 0.25% reduction in the standard MMP interest rate; and
- Be able to claim a federal income tax credit of up to $2,000 for the life of the mortgage.
Even though the DC metro area weathered the housing crisis better than other parts of the country, PG County was especially hit hard with foreclosures. This program from Maryland’s Department of Housing and Community Development wants to reverse that and encourage buyers to purchase homes in 14 zip codes with significant vacant properties. Targeted areas include District Heights, Oxen Hill, Upper Marlboro, Hyattsville, Brentwood and Lanham.
The program is primarily aimed at first-time buyers but is also open to others – those who have not owned a home as their principle residence for the past three years OR those who have closed on their home located outside a targeted area prior to buying one inside a targeted area. Plus, honorably discharged veterans who have not previously used the first-time homebuyer exemption can qualify.
And, if you’re a current homeowner in one of the targeted areas, this TriplePlay program is a great selling point for your home if you plan to move. Your home will be more affordable and appealing to a wider number of buyers.
The TriplePlay Initiatve is being combined with the existing Maryland Mortgage Program, which gives qualifying residents $10,000 in down payment assistance. Only certain zip codes will be eligible for the additional $10,000 in down payment assistance.
For more details, contact us today!