Buy a home within walking distance of the Metro, walk to work at the Suitland Federal Center, and be a part of the revitalization of the Suitland community. The Buy Suitland Program offers an exciting opportunity to purchase a home in the Suitland Neighborhood Stabilization target area, anchored by the Suitland metro station, the Suitland Federal Center, and the planned mixed-use Suitland Manor Redevelopment Project. Through the Buy Suitland Program, income eligible, credit worthy, first time home buyers can receive up to $40,000 in down payment and closing costs assistance, to purchase a foreclosure or short sale property. Take advantage of this great program, become a homeowner and be a part of the Suitland renaissance!
Cash To Help You Buy Your First Home
The exciting Buy Suitland program offers homeownership assistance loans to help you purchase your first home in the Suitland Federal Center Target area. Maximum household income levels listed below apply. You must be credit worthy, be a first time homebuyer and the home you choose must be a foreclosure or short sale.
Maximum Eligible Income
How Much Assistance Can You Get To Purchase Your First Home Depends On Your income Level and Where You Work
- If your household income is at or below 50% of the area median, you can receive up to $40,000.
- If you work at the Suitland Federal Center or are employed as a policeman, firefighter, teacher, or nurse anywhere, you can receive up to 7% of the sale price.
- If your household income is at or below 120% of the area median, you can receive up to 5% of the sale price.
Do I Have To Pay Back The Money
The assistance is a 0% interest loan. No monthly payment. Half of the loan DHCD gives you is forgiven if the house remains your primary residence for 15 years.
- Contact a “Buy Suitland” Program Participating Lender to get pre-approved for a first mortgage.
- Attend an 8-hour housing certified counseling course provided by a HUD Certified Housing Counseling Agency.
- Contact your real estate agent to identify eligible properties within the Suitland zip code of 20746 & 20748. Applicants, lenders, and realtors must verify the address of the prospective property on the Geocoding System website identified below for property eligibility. www.ffiec.gov/geocode/default.aspx.
- Work with a realtor to place a contract on a property that you can afford and for which you can be pre-approved.
- Make sure that your monthly Debt to Income Ratio does not exceed total 45%.
- Familiarize yourself with the Housing Quality Standard (HQS) Inspection Requirement posted at wwww.princegeorgescountymd.gov/RDA. Under the “Buy Suitland Program.
- HQS Repairs must be made prior to closing or borrower must obtain a FHA 203K streamline first mortgage. If borrower is using a FHA 203K streamline loan program make sure lender, contractor and borrower are familiar with “Buy Suitland” contractor requirement.
- Return to participating lender with sales contract and apply for mortgage and “Buy Suitland” Program loan.
- Work with your lender to receive approval for first mortgage and submittal and approval of your “Buy Suitland” Application. The “Buy Suitland” will not accept an application from Participating lender unless there are at least 21 business days remain on the contract term.
Use this link to ensure your property is located in one of the eligible census tracks: www.ffiec.gov/geocode/default.aspx
Call 301-883-5456 today for details.