If a home purchase in Prince George's county is in your future, you'll be happy to hear that the MyHome II program is now available for real estate purchased in the following zip codes.
20710 - Bladensburg
20722 - Brentwood
20722 - Brentwood, Colmar Manor and Cottage City
20746 - Camp Springs, Morningside and Hillcrest Heights
20743 - Capitol Heights
20747 - District Heights and Forestville
20744 - Fort Washington
20784 - Hyattsville, Cheverly, Landover and New Carrollton
20785 - Hyattsville, Cheverly, Landover and Englewood
20706 - Lanham
20745 - Oxon Hill
20737 - Riverdale
20748 - Temple Hills, Camp Springs, Hillcrest Heights and Marlow Heights
20774 - Upper Marlboro, Kettering, Largo and Springdale
The MyHome II program is designed to ease your path to home ownership with no minimum credit score and up to $20,000 in closing cost and down-payment assistance. To use this program you must:
- Be a 1st time home buyer OR must not have owned a home in the past three years.
- Attend an 8 hour home buyer education course.
- Have a debt ratio under 43%
- Meet program income limits.
Can I use this program to buy a short sale or foreclosure?
When looking for homes you'll want to give special consideration to purchasing a short sale or foreclosure as they may need repairs the bank won't pay for. And the program will not cover those expenses. There are still ways around this but you'll need a savvy real estate agent to assist you!
Do I need a down-payment?
You will need to have some cash to purchase your home. While traditional down-payments range from 3.5% to 20%. With this program the buyer must contribute only 1.75% of the purchase price or 50% of your liquid assets (whichever is greater).
Can I receive cash back at settlement?
Like most other mortgage programs you are not allowed to get cash back at settlement. The program pays your actual costs only.
Do I have to pay the money back?
Yes, you do have to pay back the program the full amount borrowed if you transfer or sell the property. The funds are secured against the property similar to a second mortgage.
Do I have to occupy the property?
Yes, you must occupy the home for a minimum of three years. This program is not intended for investors.
Are there any special requirements for my contract?
Yes, you'll be required to have a housing quality standards inspection which is separate from your home inspection. Your agent will want to make provisions for that in the contract and be ready to answer questions about that inspection and the program.
Are there price limits on what homes I can purchase?
Yes, if your household income is below 80% of the median income limit (see chart below) the maximum purchase price is $313,000. For households whose income is above 80% of the median income there is no maximum purchase price.
Are there income limits for the program?
Yes, your household income cannot exceed 120% of the median income limits listed below.
Household Median
Size Income
1 person $91,320
2 people $104,280
3 People $117,360
4 people $130,320
5 people $140,760
6 people $151,200
7 people $161,400
8 people $172,080
Need more information on this program? Give us a call at 410-721-6694 and we will connect you with a trusted lender and get you out to see some homes.
Can't wait? You can start your search for a new home here with our exclusive link to just the areas offered in the program. Homes shown in this search should qualify for this program based on income qualifications above.
The Roskelly Team at www.FortMeadeHomes.com would love to earn your business and represent you on all of your real estate transactions to purchase a home or sell a home.
