First-Time Homebuyer House Lottery

 

First Time Homebuyers Have A Chance to

Win Up To $10,0000!

 

DHCD will present its House Lottery this year at the 2016 Housing Fair and give pre-qualified applicants a chance to win up to $10,000 for down payment and closing cost toward the purchase of their first home. 

Eligible buyers may not receive the full amount of $10,000 because it depends on the buyer's income, household size and assets.  The amount of money each buyer is eligible for is a 0% interest loan that will be forgiven if the buyer lives in the house for 10 years.

Interested home buyers must meet eligibility criteria for the My HOME Program.  The buyers’ income, adjusted for household size, cannot exceed 80% of the AMI.

In addition:
• Any residential property will be considered, including re-sales, foreclosures, short sales and new construction, to include:  condos, townhomes or single-family homes;
• Home must be the primary residence of the home buyer;
• Home buyer must remain in the home as it primary residence for ten (10) years, the loan is then forgiven;
• Home buyer must be purchasing a home for the first-time;
• Home buyer must work with a DHCD pre-approved lender;
• Homebuyer must be income eligible;
• Home must undergo an HQS home inspection.

During the Mid-Day Event, Prince George’s County Executive Rushern L. Baker, III will draw the names of 4 winners at 12:00 noon. 

Applicants can down load an application here and submit it to Ms. P. J. Gardner via e-mail at: pjgardner@co.pg.md.us before 12:00 noon on Friday, June 10th or applicants can enter on-site at the Housing Fair before 11:00 a.m. 

Carefully review the following documents to ensure your eligibility:

 All applicants must be present  at the 2016 Housing Fair to win.

Call (301) 883-5300 for more information.