My Home
MY HOME I
Are you interested in purchasing in Prince George’s County, MD, and are looking for down payment and closing cost assistance? There are three programs worth considering that we offer to help with this. The description for the CDA program can be found here, which is a loan program usable in the entire state of Maryland.
Specifically in Prince George’s County, there are two other programs: My Home I and My Home II
My Home I is for families whose income is 80% below the median income. This is determined by family size.
Family Size – Income Cap (80%) Household Income
1 $60,200
2 $68,800
3 $77,400
4 $86,000
5 $92,900
6 $99,800
7 $106,650
8 $113,950
The purpose of My Home I is to assist families with their cash to close to purchase their first home. This money can be used towards both the down payment and the closing costs. The maximum amount of assistance from the program is 5% of the sales price, but the program may allot a lesser amount if there is not a need for the full amount. Here is some additional key information:
Cash requirements: My Home I requires that you contribute 1.75% of the sales price of your own funds. So on a $200,000 purchase this is $3,500.
Housing Counseling: 8hour course required
www.princegeorgescountymd.gov/MyHOME.
Monthly Payments: All of your debts combined, including the housing payment, may not exceed 45% of your gross monthly income.
Credit Score Minimum: 640
Down Payment Loan: This loan provided by My Home I exists for ten years, and has zero interest due on it. The loan can be forgiven, even, depending on how long you live in the property
| Purchaser Remains in Home | Balance Due (As % of Total My HOME Received) |
| Less than 4 years | 100% |
| At least 4 years but less than 6 years | 50% |
| At least 6 years but less than 10 years | 30% |
| 10 or more years | 0% |
The My Home program (versions I and II, a description of My Home II is found below) has two important things you should consider when planning to utilize this program:
a) There is a strict home inspection performed by the My Home program, called the HQS. The property must be in fantastic, move-in ready, shape with zero issues. ($69). This requirement has in the past delayed closings or canceled sales because the seller is unwilling to make repairs.
b) Only after we issue our approval will My Home then review documents to issue their approval, and they require at least a month to review the documentation. So any My Home contract needs to be written with a sixty day closing window or longer, with a seller understanding that it may take more time.
Don’t forget to consider Triple Play, CDA or HOC (Montgomery County) or other programs in DC: HPAP or DC Open Doors if you are considering other loan programs as well!
Maximum Purchase Price: $295,000 for resales, $370,000 for new construction