Moderately Priced Dwelling Unit (MPDU) Second Mortgage Financing Program

What is Moderately Priced Dwelling Unit (MPDU) Second Mortgage Financing Program?

Moderately Priced Dwelling Unit (MPDU) Second Mortgage Financing Program is a deferred second loan for homebuyers in Queen Anne's County, Maryland.

• The MPDU Second Mortgage Financing Program is Queen Anne's County's down-payment / closing-cost assistance for income-qualified buyers of Moderately Priced Dwelling Units (MPDUs). Up to $20,000 in 0% interest deferred-payment second-mortgage financing to help bridge the gap for buyers purchasing MPDU deed-restricted homes. Administered by the Queen Anne's County Department of Housing and Community Services.
• Up to $20,000 in second-mortgage financing as a 0% interest deferred-payment loan for income-qualified buyers purchasing MPDU (Moderately Priced Dwelling Unit) deed-restricted homes in Queen Anne's County, MD. Restricted to MPDU-designated properties.
• Funding comes from Local Government and HOME.

Do you have to pay it back?

Moderately Priced Dwelling Unit (MPDU) Second Mortgage Financing Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Deferred 0% second-mortgage repayable upon sale, refinance with cash-out, transfer, or loss of primary-residence status and subject to MPDU resale-control covenants.
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Moderately Priced Dwelling Unit (MPDU) Second Mortgage Financing Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Moderately Priced Dwelling Unit (MPDU) Second Mortgage Financing Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income approximately $68,450 (1-person) to $129,050 (8-person) - 80% HUD AMI for the Baltimore-Columbia-Towson MSA.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Moderately Priced Dwelling Unit (MPDU) Second Mortgage Financing Program caps the purchase price as follows: MPDU resale-controlled price per Queen Anne's County MPDU ordinance.

• Eligible property types include MPDU-designated single-family detached, MPDU townhouse, and MPDU condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Moderately Priced Dwelling Unit (MPDU) Second Mortgage Financing Program serves buyers purchasing in Queen Anne's County, Maryland.

• The program targets specific areas: Queen Anne's County MPDU-designated developments / deed-restricted units.

How do you apply?

Applications for Moderately Priced Dwelling Unit (MPDU) Second Mortgage Financing Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies serving Queen Anne's County; homebuyer-education certificate required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application via Queen Anne's County DHCS; tied to MPDU unit availability., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.