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Find Homeownership Incentives

New Neighbor Homeownership

Firemen Law Enforcement Police Healthcare Professional Renters

Type Of Program

Down Payment & Closing Costs

Program distribution

Deferred Second Mortgage

Program Originator

The City of College Park

Amount

$4,500.00

Contact

Blocks

Interest Rate

Loan Term

Address
MD
Description
The City of College Park is offering $5,000 in down payment or closing cost assistance, on a first-come, firstserved basis, to encourage the conversion of previously rented single-family properties, which have been rented for two years or more, to owner-occupied housing. Additionally, to address the proliferation of short sales and foreclosed properties in the City, the New Neighbor Program can also be used for purchasing single-family homes and condominiums that are being sold as short sales or that are in foreclosure, for use as primary residences by the purchasers. Also, anyone purchasing a newly constructed detached single family home within the City of College Park is eligible for the grant. Lastly, to encourage police officers, career and volunteer firefighters, emergency medical technicians and city employees to make their homes in College Park, the New Neighbor Program can be used by these individuals to purchase any City property. Funds are provided at settlement for use toward purchase of the property and these funds may be combined with other federal, state and local homeownership assistance programs
Household Income Restrictions

AMI Limit

AMI

Credit Requirement

Max Debt To Income

Employer Participation Required

Yes

Must Contribute Amount

Yes

Requires Inspection

Yes

Must Earn Counseling Certificate

Yes

Eligibility Limitations

Cash Sale Permitted

Yes

Cosigner Permitted

Yes

Owner Financing Permitted

Yes

Must be Primary Residence

Program Provider's Contact Name

Program Provider's Address

Program Provider's Phone

Program Provider's Email

Home Buyer Obligations