Prince George’s County remains the most affordable area in the DC Metro Area, with a median sales price of $285,000, a 1.1% increase over last year. A couple of programs launched last week that will keep this county’s growth accelerating: Maryland Smart Buy 2.0 and the Housing Rehabilitation Assistance Program. Smart Buy 2.0 is geared towards new homeowners and the Housing Rehabilitation Assistance Program is for current homeowners. Smart Buy 2.0 covers all counties in Maryland while the Housing Rehabilitation Assistance Program is specific to PG County.
Maryland Smart Buy 2.0 will help former students purchase homes. Large monthly student loan payments and/or high DTIs (debt to income ratios) have prevented otherwise qualified buyers from purchasing a home. For eligible applicants, up to 15% of the home purchase price can be used to pay off outstanding student debt with a maximum payoff of $30,000.00, is paid off by a 0% interest, deferred payment second loan that is forgivable over five years as long as the buyer lives in the home. Funds can be used for closing costs, and the assistance helps homeowners manage overall housing expenses going forward. Income restrictions apply and funds are available as long as they last.
PG County’s Housing Rehabilitation Assistance Program will provide home improvement loans up to $60,000.00 to eligible homeowners needing to make certain repairs to their home. Health hazards, safety & code compliance repair, energy efficiency and ADA related improvements are some of the eligible repairs. Income restrictions apply and funds are available as long as they last.
These programs will surely continue keeping Gorgeous Prince Georges thriving!
To learn more about all the exciting things coming to Prince Georges County & for more information about both programs contact us firstname.lastname@example.org or 202-553-6436