My HOME II Program (Mortgage Settlement Program)

What is My HOME II Program (Mortgage Settlement Program)?

My HOME II Program (Mortgage Settlement Program) is a deferred second loan for homebuyers in Prince George's County, Maryland, administered by Redevelopment Authority of Prince George's County.

• The My HOME II Program (Mortgage Settlement Program), administered by the Redevelopment Authority and funded by the federal HOME program, assists income-eligible first-time homebuyers with up to $20,000 for down payment, closing costs, and/or principal reduction. Unlike forgivable products, the loan is not forgiven and is fully due upon sale, transfer, refinance, or loss of owner-occupancy.
• Up to $20,000 HOME-funded.
• 0% interest.
• No monthly payments.
• Deferred until sale/transfer/refinance.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HOME Investment Partnerships Program (federal HUD).

How much assistance does it provide?

My HOME II Program (Mortgage Settlement Program) offers up to $20,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — Redevelopment Authority of Prince George's County determines any individual award.

Do you have to pay it back?

My HOME II Program (Mortgage Settlement 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 Not forgiven over time; fully due upon sale, transfer, refinance, or loss of primary residence.
• The assistance is recorded in Subordinate (second) lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

My HOME II Program (Mortgage Settlement Program) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

My HOME II Program (Mortgage Settlement Program) sets its income limit as follows: Income-eligible first-time homebuyers per HOME program limits (HUD-set); qualify through a participating lender.

• The limit applies to total household income, not only the borrower’s.
• 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?

My HOME II Program (Mortgage Settlement Program) can be used for Single Family, Townhouse, and Condo.

• New construction is not eligible.
• Manufactured homes are not eligible.

Where does it apply?

My HOME II Program (Mortgage Settlement Program) is a federal program, so it is not limited to Maryland.

How do you apply?

Applications for My HOME II Program (Mortgage Settlement Program) go through Redevelopment Authority of Prince George's County, 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 Minimum 8-hour course by a HUD-certified agency.

2. 2

   Contact Redevelopment Authority of Prince George's County to reserve funds

   Funds are reserved through Submitted only by approved Participating Lenders; executed contract and conditional first-trust approval; >=21 business days remaining, 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.