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Prince George's County offers downpayment and closing assistance to first-time buyers
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Prince George's County's new program
It looks like Prince George's County is not going to allow DC make it look bad. County Executive Jack Johnson just announced a new program that will offer down payment and closing cost assistance to first-time home buyers who purchase vacant foreclosed properties in certain areas of the county.
There is small catch though. To be elegible, you must live in a household with income at or below 120% of the area median purchasing, and you must purchase from an eligible zip code.
The assistance is offered in the form of a zero percent interest loan that will be forgiven if you stay in the home for at least 10 years.
The press release says, "The program targets areas where foreclosures are negatively impacting property values. This will stabilize the community by returning distressed, vacant, foreclosed properties to the community."
In certain "target" areas the amount of assistance will be higher. It is fine time Prince George's county stepped up and created an incentive for people interested in purchasing a home.
The Federal Government offers first-time homebuyers an $8,000 tax credit for purchasing a home before the end of this year. With both of these incentives, this is a great time to buy a home in Prince George's County.
For more info: Please visit princegeorgescountymd.gov/dream.
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