If you are interested in living in Anne Arundel County, MD your purchase may have just become more affordable! Arundel County Development Services has a new initiative for First Time Home Buyers who are ready to purchase and could use help with their down payment and closing costs.
The Good: You can purchase any habitable home in any area of the county. The maximum home resale purchase is for $242,000 and the maximum new construction purchase is $295,000.
The Bad: Not bad, really. But there are income limits and credit restrictions and you must attend a homeownership counceling program. If you fit the guidelines, you are offered UP TO $20,000 to cover your down payment or closing costs. If your closing costs are less than that $20,000 you do not receive a credit for the difference. Contact me for more information.
The Ugly: Again, nothing too bad but you want to be sure to read the fine print. This is NOT free money or a grant. This is a 0% interest second loan on the home. You will be expected to pay this money back within 30 years or when you resell the home.
This is a fantastic program for buyers who plan to live in their home long-term and expect stable income. It's a great way to get into a home now before the market increases and it becomes more difficult and costly for you to purchase your first home! Give me a call today and let's chat about the best option for your purchase.
Lanham MD Homes for Sale - Genna Fleming, REALTOR® at EXIT ELITE REALTY
You now have free access to my Real Estate Search Engine! I am your local real estate expert with the knowledge and experience to deliver the unsurpassed service you deserve. Local Specialties: Upper Marlboro, Lanham, Lothian, Edgewater, Annapolis, & Dunkirk. Call Genna Fleming at (443) 532-8917 or follow my real estate adventures on Instagram @realestateaskgenna