The Wright Realtor

REAL ESTATE HOMEBUYER SAVINGS

Buy Suitland Initiative

Up to 5% of Home Purchase Price to First-Time Homebuyers 
Up to 7% for Local Civic Employees 

Suitland is the home to the Suitland Federal Center employing over 12,000 and a Metro station, is slated for a 22-acre mixed-use development project, and now has its own First-Time Homebuyer Program. The Buy Suitland Initiative will award 0% interest grants to households who have not owned a home within the last 3 years, and are buying a home as their principal residence. 

Homebuyers can receive these grants for buying: 

  • Foreclosure and Short Sale properties


  • NEW! The BUY SUITLAND Program will also award grants to assist purchasing owner occupied or vacant resale properties where the seller is at least 60 days delinquent on mortgage payments. Verification of mortgage delinquency at time of contract will be required. 

  • Now in 11 Census Tracts - 4 Areas Newly Added! 

    8018.028019.028020.018020.028021.058024.058024.06
    8019.07*8019.08*8021.06*8021.07** New census tracts

    Check www.ffiec.gov/geocode/default.aspx to see if specific addresses are within included census tracts.


  • Appraisal vs Contract Price = 1% Discount
    Similar to the first NSP Program, the sale price of property under contract must be at a 1% discount of the most recent appraised value.

Additional Homebuyer Qualifications: 

  • Qualifying Households May Earn Up to 120% of the Area Median Income (AMI) 

    Prince George's County AMI1 Person Household2 Person Household3 Person Household4 Person Household5 Person Household6 Person Household7 Person Household8 Person Household
    50%$37,600$42,950$48,300$53,650$57,950$62,250$66,550$70,850
    120%$90,150$103,000$115,900$128,750$139,050$149,350$159,650$169,950


  • Borrower's Minimum Cash Contribution 

    Purchaser's Income Level
    (as % Area Median Income)    		Minimum Purchaser's
    Required Cash Contribution
    At or below 80%$1,000 or 50% of liquid assets over $3,000 whichever is greater.
    80% - 120%$1,500 or 50% of liquid assets over $3,000 whichever is greater.


Buy Suitland Grant Amounts:
Maximum 0% Interest Grant AmountApplicant Qualifications
5% of the purchase price of homeAn applicant with household income between 80 - 120% of the area median income.
7% of the purchase price of homeAn applicant currently employed at the Suitland Federal Center, Police Office, Firefighter, Nurse or Teacher.
35% of the purchase price of home or $40,000
Whichever is greater, as needed, to meet the 
45% Debt-to-income requirements		An applicant with a combined household income of 50% or below the area median income.

RECEIVE UP TO $18, 500 –FREE
 
HOUSE KEYS 4 EMPLOYEES PROGRAM (HK4E)
 
FACT SHEET


Qualified employees who are employed by Prince George’s County or the Board of   Education and purchasing a home in Prince George’s County may receive up to $5,000 from the county for downpayment and closing cost assistance.  They may also receive up to $5,000 match from CDA’s Maryland Mortgage program.  This match is doubled (up to $10,000) if the property being purchased is in Prince George’s County.  In addition, employees may be eligible to receive an additional $3,500 in DSELP funds totaling $18,500.00.  
 
ELIGIBILITY REQUIREMENTS
 
You MUST meet the following conditions:
 
·       Be an eligible employee of Prince George’s County or the Prince George’s Board of Education.
·       Not owned a home in the past 3 years unless purchasing in a designated “Targeted Area” of the county.
·       Completed intensive-HUD certified homebuyer education program
·       Have a ratified contract to purchase a home in Prince George’s County, Maryland
·       Applied for your mortgage through a participating lender. 

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