Buy Suitland Program
Q: What is the Buy Suitland Program?
A: The Buy Suitland program will provide homeownership assistance loans to income eligible first time home buyers to purchase a vacant foreclosed, short sale defined as 60 day delinquent single family house, townhouse or condominium in the Suitland Neighborhood Stabilization Program target area. The Buy Suitland loan can help pay for down payment, closing cost and/or mortgage principle reduction.
Q: Do I qualify for the Buy Suitland Program?
A: The program is for income eligible 1st time Homebuyers, or those who have not owned a property anywhere in the last 3 years. All applicants must be 18 years of age or older.
Q: My credit is bad can I still apply to the Buy Suitland Program?
A: No. The program is not an alternative program for individuals with adverse credit. You must be able to gain an approval for a first mortgage for a property from a lender. If you cannot be qualified by a participating lender because of your credit, you cannot apply to the program.
Q: Can the Buy Suitland loan be used to purchase a property anywhere in Prince George’s County?
A: No. The property must be located within one of the following (11) census tracts within the Suitland area:
Please note that not all properties in the Suitland zip code are eligible.
Q: What are the income requirements of the Buy Suitland Program?
A: Applicants must have gross annual household incomes at or below 120% of the area median income, adjusted for family size. Maximum income levels per family are illustrated below.
Q: How much can I qualify for?
A: There are three possible scenarios:
- Up to 5% of the purchase price of a Home
Scenario 1 An applicant with household income between 50-120% of the area median income.
- Up to 7% of the purchase price of a home
Scenario 2 An applicant currently employed at the Suitland Federal Center.
A police officer, firefighter, nurses, or teacher.
- Up to 35% of the purchase price of a home or $40,000, whichever is greater, as needed to meet the 45% Debt-to-Income requirements.
Scenario 3: An applicant with a combined household income of 50% or below the area median.
Q: Will I have to make payment on the NSP III Loan?
A: The Buy Suitland loan will be a deferred payment loan (no monthly payments), secured on the property as a second trust, with the balance due or forgiven determined by the length of time the purchaser complies with the primary residency restriction.
The amount of the due or forgiven is based on the following:
Less than 5 years
At Least 5 years but Less than 15 years
15 or more years
Q: Do I need any of my own money?
A: Yes. A minimum down payment of either $1,500 or $1,000 depending on your Area Median Income (see chart above) or 50% of liquid Assets over $3,000.00, whichever is greater
|At or below 80%
|| $1,000 or 50% of liquid assets over $3,000 whichever is greater|
||$1,500 or 50% of liquid assets over $3,000 whichever is greater|
Q: Do I need to take a Homebuyer Counseling Class?
A: Applicants must attend an 8-hour housing counseling class provided by a HUD Certified housing counseling agency and receive a Certificate of Completion. A list of HUD certified housing counseling agencies is posted at the Program’s web site at www.princegeorgescountymd.gov/buysuitland.
Q: Will I have to pay for the homebuyer counseling class?
A: You will generally have to pay for the homebuyer counseling class. These classes are not offered by the Buy Suitland Program. They are offered by HUD approved housing counseling agencies. Fees generally range from $25 - $150, but could be higher. Fees paid can be included in the required minimum cash contribution.
Q: How can I submit an application?
A: Applications are submitted by a participating lender, Applicants must be able to qualify for a first mortgage through a Participating Lender, in order to purchase the home. A list of Participating Lenders is posted on the Program’s web site at. http://redevelopment.mypgc.us