NSP Prince Georges County (Neighborhood Stabilization Program
What costs are associated with this website?
Down payment and closing costs assistance to purchase a vacant foreclosure home
First time
home buyers only or cannot have owned a home anywhere in the last three years
Who can participate?
A household with income at or below 120% of the area median purchasing a vacant foreclosure property in eligible zip code.
Eligible codes
20607, 20608, 20705, 20710, 20715, 20716, 20720, 20721, 20616, 20722, 20743, 20623, 20735, 20740, 20747, 20744, 20769,20770, 20781, 20782, 20783, 20784, 20785, 20706, 20707, 20708, 20712, 20748, 20737, 20746, 20748, 20772, 20744
Of the 33 zip codes above the following are considered Targeted Zip Codes:
20716, 20743, 20747, 20744, 20783, 20784, 20785, 20706, 20707, 20708, 20746, 20748, 20772, 20744
How the program could work for you.
"Down Payment on Your Dream" assistance is in the form of deferred loans. There are several scenarios for the "Down Payment on Your Dream" loans:
The lesser of 3.5% of purchase price or $15,000 to purchase a vacant foreclosure property in one of the 33 eligible zip codes.
The lesser of 7 % of purchase price or $20,000 to purchase a vacant foreclosure property in one of the 12 targeted zip codes.
The lesser of 7% of the purchase price of $20,000 to purchase a vacant foreclosure property in of the 33 eligible zip codes as workforce housing. Workforce housing is defined as foreclosed upon properties located in one of the 33 zip codes, purchased by teachers, police officers, nurses, firefighters, Or employees purchasing a home within a 3 mile radius of place of employment
What are the terms of the Down Payment on Your Dream Loan?
0% interest deferred payment loan.
Must be primary residence for at least 10 years.
Loan repayment requirement declines the longer purchaser remains in the home.
No repayment if purchaser stays in home for 10 years.
